UNI Price Recovers to $6.18 Following High-Volume Selling Event
Uniswap's native token, UNI, initially dropped below its uptrend line after failing to maintain momentum above the $6.00 support level. The decline occurred after forming an ascending channel earlier in the day, collapsing due to high-volume selling with a spike of over 1.4 million units as prices touched $6.00. However, UNI quickly rebounded to $6.18, indicating strong dip-buying interest and suggesting the potential for the uptrend to continue if support around $6.05 holds.
Technical Analysis Highlights
- UNI formed an ascending channel with notable support at $6.00 supported by above-average volume.
- A sharp reversal occurred when UNI briefly broke below its uptrend line, causing high-volume selling.
- Two significant volume spikes were noted: over 455,000 units at 01:38 and over 1.4 million units at 01:42.
- The token rebounded quickly, moving back toward $6.18.
- Initial resistance was encountered at $6.19, which is now within reach as bullish momentum returns.
- The intraday price action showed volatility with a range of 0.226 (3.78%).