Uniswap Token Dips Below $6 on Heavy Volume Before Swift Rebound to $6.18
Uniswap’s native token, UNI, experienced a sharp sell-off early in the day, briefly breaking key support near the $6.00 mark on heavy trading volume. However, buyers quickly stepped in to halt the decline and push prices back up.
The token initially fell below its established uptrend line after failing to sustain momentum above $6.00. This drop followed the earlier formation of an ascending channel, which collapsed under intense selling pressure, including a surge of over 1.4 million UNI traded as the price briefly touched the $6.00 level.
Despite the sharp breakdown, the sell-off was short-lived. UNI recovered swiftly, climbing back to $6.18, signaling strong buying interest at the dip and suggesting the overall upward trend remains intact—provided support around $6.05 holds firm.
Technical Overview
Throughout most of the day, UNI traced a clear ascending channel, with robust support near $6.00 reinforced by above-average volume.
A sudden reversal occurred when the token dipped below its uptrend line, sparking a wave of heavy selling. Notably, two major volume spikes were recorded: over 455,000 units traded at 01:38 and more than 1.4 million units at 01:42.
Following this, UNI quickly regained lost ground and pushed back toward the $6.18 level. The token encountered initial resistance at $6.19, which now appears within reach again as bullish momentum returns.
The price showed a significant intraday range of 0.226 (3.78%), underscoring continued volatility in trading.
