Uniswap’s native token experienced a brief dip below its established uptrend line after struggling to maintain momentum above the $6.00 support level. Earlier in the day, the token formed an ascending channel, but this structure was disrupted by a surge of high-volume selling, including a spike of over 1.4 million units, causing prices to briefly touch $6.00. Despite this sharp decline, the move was only temporary. UNI quickly reversed course, rebounding to $6.18, showcasing strong dip-buying interest. This rebound suggests the overall uptrend might still be intact, especially if the support near $6.05 continues to hold firm.
**Technical Analysis Highlights:**
– UNI maintained a clear ascending channel throughout most of the day, with key support at the $6.00 level backed by above-average trading volume.
– A swift reversal occurred when UNI dipped below its uptrend line, sparking high-volume sell-offs.
– Two major volume spikes were recorded: one at 01:38 with over 455,000 units and another at 01:42 with more than 1.4 million units.
– The token quickly regained ground after the breakdown, pushing back toward the resistance level at $6.19, which now appears within reach as bullish momentum resumes.
– Intraday volatility was significant, with a range of 0.226 points (about 3.78%), highlighting persistent market fluctuations.
This price action indicates a volatile trading session but also demonstrates strong buying interest on dips, keeping the bullish trend alive as long as support levels hold. Traders should watch the $6.05 support zone closely for signs of trend continuation or potential reversal.
