$UNI is trading beneath its 200 EMA on the 4H chart, maintaining a sequence of lower highs despite a brief volatility spike. The sharp wick higher was quickly rejected, reinforcing overhead supply.

Price is compressing near local support while momentum on MACD shows only modest recovery. Volume expanded during the spike but did not sustain, hinting at short-lived expansion rather than structural reversal.

If $UNI continues to print lower highs below the key resistance zone, bearish continuation remains the base case. A decisive acceptance above that spike high would be required to invalidate the structure.