UNI Rebounds to $6.18 as Strong Volume Tests Support Levels

Uniswap’s UNI Token Drops Below $6 on Heavy Volume Before Bouncing Back to $6.18

Uniswap’s native token, UNI, briefly fell below the important $6.00 support level amid a surge in trading volume, but strong buying interest quickly reversed the decline and pushed prices higher.

The token broke below its uptrend line after failing to maintain momentum above $6.00, following the collapse of an ascending channel that had formed earlier in the day. This breakdown was accompanied by intense selling pressure, with over 1.4 million UNI tokens changing hands as prices touched the $6.00 mark.

However, the drop proved temporary. UNI rebounded sharply to $6.18, signaling healthy demand at lower prices and suggesting that the bullish trend remains intact, provided support near $6.05 holds.

Technical Summary

UNI traded within a clear ascending channel for much of the day, supported by higher-than-average volume around the $6.00 level.

The token experienced a quick reversal after dipping below its uptrend line, leading to a surge in sell orders.

Significant volume spikes were observed: one exceeding 455,000 units at 01:38 and another surpassing 1.4 million units at 01:42.

Following the breakdown, UNI rapidly regained lost ground and approached the $6.18 resistance level.

The immediate resistance at $6.19 is now within reach as bullish momentum strengthens.

The intraday price range of 0.226 (3.78%) highlights the token’s ongoing volatility.

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