Uniswap's native token, UNI, initially fell below its uptrend line after struggling to maintain momentum above the $6.00 support level. This decline followed the formation of an ascending channel earlier in the day, disrupted by high-volume selling that included a spike of over 1.4 million units as prices touched the $6.00 mark. Importantly, this downturn proved short-lived as UNI rapidly reversed direction, climbing back to $6.18, suggesting robust demand for dip buying. At this point, the sustainability of the price recovery hinges on support remaining intact around $6.05.
From a technical perspective, UNI displayed a clear ascending channel most of the day, marked by a $6.00 support level enhanced by above-average trading volume. The downturn was marked by significant selling pressures, with notable spikes of 455,000 units at 01:38 and over 1.4 million units at 01:42. After the initial breakdown, UNI quickly regained its footing, pushing back toward the $6.18 region. Resistance now lies at $6.19, which seems attainable as momentum reestablishes itself. The token experienced an intraday price swing of 0.226 (3.78%), reflecting ongoing volatility in the market.
From a technical perspective, UNI displayed a clear ascending channel most of the day, marked by a $6.00 support level enhanced by above-average trading volume. The downturn was marked by significant selling pressures, with notable spikes of 455,000 units at 01:38 and over 1.4 million units at 01:42. After the initial breakdown, UNI quickly regained its footing, pushing back toward the $6.18 region. Resistance now lies at $6.19, which seems attainable as momentum reestablishes itself. The token experienced an intraday price swing of 0.226 (3.78%), reflecting ongoing volatility in the market.
