Uniswap’s native token initially broke below its uptrend line after failing to hold momentum above the $6.00 support level.
The decline followed the formation of an ascending channel earlier in the day, but that structure collapsed under high-volume selling, including a spike of over 1.4 million units as prices briefly touched $6.00.
However, the breakdown proved temporary. UNI quickly reversed course and climbed back to $6.18, indicating strong dip-buying interest and suggesting the uptrend may still be intact if support near $6.05 continues to hold.
Technical Analysis Highlights
- UNI formed a clear ascending channel throughout most of the day, with notable support at the $6.00 level backed by above-average volume.
- A sharp reversal occurred as UNI briefly broke below its uptrend line, triggering high-volume selling.
- Two significant volume spikes occurred: over 455,000 units at 01:38 and exceeding 1.4 million units at 01:42.
- The token quickly rebounded after the breakdown, regaining ground and pushing back toward the $6.18 area.
- Initial resistance was encountered at $6.19, which now appears within reach again as bullish momentum returns.
- The price action showed a substantial intraday range of 0.226 (3.78%), highlighting persistent volatility
External References
- “Uniswap Rally Loading—Here’s Why The Next Move Could Be Explosive“, NewsBTC, published May 31, 2025.