UNI Token Sinks Below $6.21 Following Rejection at $6.44
The Uniswap UNI token has been experiencing renewed selling pressure as it drops below the crucial support level of $6.22.
- The day started with a significant rally that peaked at $6.44, but strong selling quickly followed, erasing those gains.
- Trading volume surged past 240,000 at the breakdown point, indicating strong seller dominance.
- Analysts now view $6.20 as the final line of defense before further potential declines.
Technical Analysis Highlights
- UNI traded within a $0.22 range between $6.22 and $6.44.
- A rally reaching $6.44 was halted, leading to heavy selling at 13:45, resulting in a drop to $6.31 on a volume of 244,581.
- Multiple recovery attempts were unsuccessful, forming lower highs at $6.31, $6.30, and $6.29.
- As of the last hour, UNI dropped to $6.20, with bearish momentum accelerating.
- The support zone at $6.22-$6.25 is currently under threat, with negative momentum confirmed at $6.35.
UNI price fell 2.6% over the past 24 hours, retreating from resistance near $6.44 as bearish momentum intensified.
The recent drop indicates a shift in market sentiment, influenced by broader macroeconomic uncertainties, including changes in monetary policy and trade tensions.
