The cryptocurrency market is experiencing significant turbulence as Uniswap’s UNI token faces intense selling pressure.
After establishing resistance at $6.780, UNI cascaded downward with multiple high-volume selling periods, breaking below critical support levels, according to CoinDesk Research’s technical analysis data model.
This volatility comes as blockchain data reveals large institutional holders transferred substantial UNI positions to centralized exchanges, with two addresses moving 11.65 million tokens ($82.38M) to Coinbase Prime.
Technical Analysis Highlights
- UNI-USD declined from $6.658 to $6.286, representing a 5.59% drop over 24 hours.
- The token established a clear resistance level at $6.780 during the midnight hour with high volume (2.02M).
- Multiple high-volume selling periods occurred between 05:00-07:00 and again at 10:00, with the latter seeing the highest 24-hour volume (2.43M).
- Price broke below the critical $6.30 support level during the high-volume selling.
- The overall trading range of $0.541 (8.12%) reflects heightened volatility.
- In the last hour, UNI experienced extreme volatility with a dramatic price collapse from $6.387 to a low of $6.239 (2.3% drop).
- A severe breakdown occurred at 13:33 when price plummeted 5.1% on massive volume (48.8K).
- Even heavier selling at 13:48 (116.4K volume) drove UNI to its hourly low.
- A notable recovery emerged in the final minutes, lifting the price back to $6.304, establishing a potential short-term support zone.
Disclaimer: This article was generated with AI tools and reviewed by our editorial team to ensure accuracy and adherence to our standards. For more information, see CoinDesk’s full AI Policy. This article may include information from external sources, which are listed below when applicable.
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