$UNI is now at 7.313, down 5.44% over 24h, while BTC is essentially flat over the same period (around 82444, +0.08%). UNI is weakening on its own. Gate perpetuals had a 24h high of 7.769 and a low of 6.987, with about 53.3 million U in volume and a funding rate of +0.0085% (8h).
Market action: Before 8 p.m. last night, it was still above 7.7. At around 11 p.m., about 9.89 million U in volume drove it down in one go from 7.61 to 7.15. At midnight, another roughly 9.48 million U traded, followed by around 3.6 million U at 1 a.m., pushing it to the daily low of 6.987. Those three hours saw the day's heaviest volume. It then bounced to 7.35–7.36 and moved sideways all morning. At 7 a.m., about 3.6 million U in volume sent it back down to 7.004 before it recovered. The afternoon high was only 7.451, never reaching 7.5.
Reason: This move wasn't driven by the broader market. After BTC plunged to 80888 at 11 p.m. last night, it had already recovered above 82000, but UNI failed to follow suit—suggesting traders are selling UNI itself. At 7 p.m., volume was down to just around 260,000 U, with trading thinning out as it hovered near 7.3. The funding rate is still positive, so longs are still holding on.
Conclusion: Don't chase shorts; the current price is only 4.6% above the daily low of 6.987. If a rebound to 7.40–7.45 fails to break through, consider a small short position, with a stop at 7.55 and an initial target of 6.99. If it breaks below 6.99 on increased volume, look next to 6.90. A move back above 7.55 would suggest last night's plunge was a shakeout, so close short positions.
Market action: Before 8 p.m. last night, it was still above 7.7. At around 11 p.m., about 9.89 million U in volume drove it down in one go from 7.61 to 7.15. At midnight, another roughly 9.48 million U traded, followed by around 3.6 million U at 1 a.m., pushing it to the daily low of 6.987. Those three hours saw the day's heaviest volume. It then bounced to 7.35–7.36 and moved sideways all morning. At 7 a.m., about 3.6 million U in volume sent it back down to 7.004 before it recovered. The afternoon high was only 7.451, never reaching 7.5.
Reason: This move wasn't driven by the broader market. After BTC plunged to 80888 at 11 p.m. last night, it had already recovered above 82000, but UNI failed to follow suit—suggesting traders are selling UNI itself. At 7 p.m., volume was down to just around 260,000 U, with trading thinning out as it hovered near 7.3. The funding rate is still positive, so longs are still holding on.
Conclusion: Don't chase shorts; the current price is only 4.6% above the daily low of 6.987. If a rebound to 7.40–7.45 fails to break through, consider a small short position, with a stop at 7.55 and an initial target of 6.99. If it breaks below 6.99 on increased volume, look next to 6.90. A move back above 7.55 would suggest last night's plunge was a shakeout, so close short positions.