Uni recovers to $6.18 after a ton of breakdown shake support

Uniswap’s native token initially fell below the uptrend line as it didn’t hold momentum beyond the $6.00 support level.

The decline followed the formation of rising channels earlier in the day, but the structure collapsed under mass sales.

However, the failure has proven to be temporary. Uni quickly reversed the course, returning to $6.18, indicating that if support remains close to $6.05, it suggests that the uptrend is still unharmed.

Technical Analysis Highlights

• Uni formed a distinct ascending channel throughout most of the day, providing outstanding support at a level of $6.00 backed by above average volume.
• Uni temporarily fell below the uptrend line, resulting in a sharp reversal, leading to massive sales.
• Two important volume spikes have occurred. It exceeded 455,000 units at 01:38, and over 1.4 million units at 01:42.
• The token rebounded immediately after the failure, regaining the ground and pushing it back towards the $6.18 area.
• Initial resistance occurred at $6.19, which again appears within reach when bullish momentum returns.
• Price Action shows a substantial intraday range of 0.226 (3.78%), highlighting sustained volatility

External reference