$UNI 24h down 10.5%, currently at 7.944, less than 1% above the daily low of 7.884. Gate perpetuals hit a daily high of 8.939 at 21:00 last night, with an amplitude of about 13.4% and trading volume of around 34.06 million U.
Market action: At around 23:00 last night, about 2.54 million U in selling pushed the price from 8.85 down to 8.66, breaking below the 8.83–8.94 range that held during the day. The main sell-off came between 9:00 and 10:00 this morning: about 9.84 million U in selling over two hours drove the price from 8.52 below 8.2, with a brief spike to the daily low of 7.884 at 10:00. The subsequent rebound only reached 8.248 at most. Between 17:00 and 18:00, another surge in volume—about 4 million U—pushed it back down to around 7.92. It is now hovering near 7.95.
Cause: The broader market is deleveraging, with BTC at around 83,700 (-2.9%) and ETH at around 2,576 (-5.1%). UNI’s decline is twice ETH’s, while leading DeFi tokens are also weakening: AAVE -5.3%, ONDO -7.8%. UNI has the greatest volatility. The funding rate is still +0.0085% (8h): despite the drop of over 10%, longs are still paying, so there has been no capitulation.
Conclusion: The trend is bearish, but the price is already pressed against the daily low, so don’t chase shorts. If a rebound to 8.10–8.15 (the consolidation zone after 10:00) fails to hold, consider shorting with a stop-loss at 8.25. A break below 7.88 puts the 7.80 round-number level in focus. A high-volume move back above 8.25 would signal that selling pressure has ended; close short positions.
Market action: At around 23:00 last night, about 2.54 million U in selling pushed the price from 8.85 down to 8.66, breaking below the 8.83–8.94 range that held during the day. The main sell-off came between 9:00 and 10:00 this morning: about 9.84 million U in selling over two hours drove the price from 8.52 below 8.2, with a brief spike to the daily low of 7.884 at 10:00. The subsequent rebound only reached 8.248 at most. Between 17:00 and 18:00, another surge in volume—about 4 million U—pushed it back down to around 7.92. It is now hovering near 7.95.
Cause: The broader market is deleveraging, with BTC at around 83,700 (-2.9%) and ETH at around 2,576 (-5.1%). UNI’s decline is twice ETH’s, while leading DeFi tokens are also weakening: AAVE -5.3%, ONDO -7.8%. UNI has the greatest volatility. The funding rate is still +0.0085% (8h): despite the drop of over 10%, longs are still paying, so there has been no capitulation.
Conclusion: The trend is bearish, but the price is already pressed against the daily low, so don’t chase shorts. If a rebound to 8.10–8.15 (the consolidation zone after 10:00) fails to hold, consider shorting with a stop-loss at 8.25. A break below 7.88 puts the 7.80 round-number level in focus. A high-volume move back above 8.25 would signal that selling pressure has ended; close short positions.