The post Token Rebounds After Sharp Drop Below $6 appeared on BitcoinEthereumNews.com.

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 Source: https://www.coindesk.com/markets/2025/06/01/uni-recovers-to-usd6-18-after-high-volume-breakdown-shakes-support

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Filed under: News - @ June 1, 2025 8:09 am