Uniswap is grinding lower from $5.27 to $5.07, shedding $0.204 (3.87%) today.

United States Fed Chair Powell speech is next today at 13:30 UTC.

On the flip side, highly important Consumer Confidence data from United States beat analyst expectations of 104 with a reading of 109.7. Data for United States Core Durable Goods Orders published yesterday at 12:30 UTC came out at 0.6%, beating projections of -0.1% and showing improvement over the preceding figure of -0.6%.

While price action maintains a negative bias, United States New Home Sales (May) released yesterday at 14:00 UTC with a figure of 763,000, while the previous figure was 680,000.

A "bearish engulfing" pattern — a scenario when a larger red candle engulfs a smaller green candle, at the top of a prevailing uptrend. Typically this is a signal of lower prices in the near term. Uniswap made an initial break below its 5 day Simple Moving Average at $5.12, a possible indication of a forthcoming negative trend. Uniswap's upper Bollinger Band® is at $5.45 which indicates a further downward move may follow. On the other hand, note that Uniswap could begin to recover as it approaches significant support, now 1 cents away from $5.08. Dipping below could be an indication that further losses are ahead.

Following today's unexpected losses, extensive multifactorial technical analysis forecasts Uniswap to buck against its prevailing uptrend and begin to dip lower in the short term. With all probabilities considered, the Uniswap is expected to attract significant bearish sentiment in the coming days.

In the meantime, negative performances are also seen in other markets, Algorand USD is down $0.008 from the beginning of the session and now trades around $0.119. After ending today's session at $0.286, Cardano lost $0.013 and is trading around $0.273.

Positive performances can be seen by looking at other markets as FTX Token surges 9.54% to trade around $1.36.

Looking ahead, ongoing depreciation may be prolonged as as things stand, upcoming United States GDP data is projected to fall short of market expectations with newly published data of 1.4, following on from the preceding figure of 2.6. New data is set to be published tomorrow at 12:30 UTC. Tomorrow at 12:30 UTC data for United States Initial Jobless Claims will be released, with an expected decline to 266,000 from the preceding figure of 264,000.

Some optimism can drawn from the fact that United States Crude Oil Inventories is projected to outperform its last figure with -1.76 million, having previously been at -3.83 million. The figure will be published today at 14:30 UTC.

Trending positively for about 4 months. 4 months ago, Uniswap fell to a low of $0 but has since recovered 2,197,427%.