Uniswap’s UNI Token Suffers Brief Breakdown Under $6 on Heavy Volume, Swiftly Recovers to $6.18
Uniswap’s token, UNI, experienced a sharp dip early in the trading session, breaking below the critical $6.00 support level amid heavy selling pressure. However, buyers quickly entered the market, driving a rapid recovery back to $6.18.
The token slipped beneath its uptrend line after losing momentum above $6.00, following the collapse of an ascending channel that had been in place earlier in the day. This breakdown was marked by a significant volume surge, with over 1.4 million UNI traded as prices briefly touched $6.00.
Despite the initial sell-off, the decline was short-lived. UNI’s quick rebound indicates strong demand at lower price levels and suggests that the overall bullish trend may remain intact if support near $6.05 holds steady.
Technical Analysis Highlights
For most of the day, UNI traded within a defined ascending channel, bolstered by above-average volume around the $6.00 support zone.
The token faced a sudden reversal when it broke below the uptrend line, triggering heavy selling.
Noteworthy volume spikes included over 455,000 units at 01:38 and a peak of 1.4 million units at 01:42.
Following the drop, UNI rapidly regained momentum and approached the $6.18 resistance level.
Initial resistance near $6.19 now seems achievable as bullish sentiment strengthens.
The token’s intraday price range of 0.226 (3.78%) highlights persistent market volatility.
