$UNI A huge bearish candle sliced through $6.44, down 7.3% in 24h, with an intraday low of $6.10—here’s the conclusion first: this isn’t a buy-the-dip signal; the bill for that Binance-hack rally has come due.
What the bulls are saying:
@Francobigbro was still dollar-cost averaging in October: at just over $7, UNI is still more than 80% below its all-time high of $45; Uniswap has finally started “making money,” with the fee switch turned on, so buy more on the dip;
The 7-day decline is 19.9%, more than twice as steep as the -9.4% median for the top 100 by market cap. There are always people looking to buy the oversold bounce.
What the bears are saying:
@big_hunter11 called it on November 3: the strong rally fueled by the Binance hack wasn’t sustainable. Trading volume and Holders Revenue have already fallen back to pre-incident levels, so next up was a test of the October 29 low at $6.25—today’s low was $6.10, so that level has been hit;
@hibtc37 drove the point home on November 5: once Binance reopened withdrawals, the biggest source of buying pressure was gone. UNI is back at non-bullish prices—it’s just a high-beta version of $BTC , so don’t trade the swings;
Rally highs keep stepping down: 7.82→7.24→7.06. Each bounce is lower than the last;
Down 3.24% in one hour, with $290K in long liquidations and $0 in short liquidations—all longs are taking a beating.
My take:
The $6.25 low is broken—don’t try to catch a falling knife around $6.20. Treat any bounce as a relief rally until price reclaims $6.70; the next level to watch is $5.80. If you really want to buy, wait for the $6.26–$6.10 area to stabilize, or for price to reclaim $6.70 on rising volume. Until $BTC gets back above 79,400, high-beta coins like $UNI will fall harder than the broader market.
What the bulls are saying:
@Francobigbro was still dollar-cost averaging in October: at just over $7, UNI is still more than 80% below its all-time high of $45; Uniswap has finally started “making money,” with the fee switch turned on, so buy more on the dip;
The 7-day decline is 19.9%, more than twice as steep as the -9.4% median for the top 100 by market cap. There are always people looking to buy the oversold bounce.
What the bears are saying:
@big_hunter11 called it on November 3: the strong rally fueled by the Binance hack wasn’t sustainable. Trading volume and Holders Revenue have already fallen back to pre-incident levels, so next up was a test of the October 29 low at $6.25—today’s low was $6.10, so that level has been hit;
@hibtc37 drove the point home on November 5: once Binance reopened withdrawals, the biggest source of buying pressure was gone. UNI is back at non-bullish prices—it’s just a high-beta version of $BTC , so don’t trade the swings;
Rally highs keep stepping down: 7.82→7.24→7.06. Each bounce is lower than the last;
Down 3.24% in one hour, with $290K in long liquidations and $0 in short liquidations—all longs are taking a beating.
My take:
The $6.25 low is broken—don’t try to catch a falling knife around $6.20. Treat any bounce as a relief rally until price reclaims $6.70; the next level to watch is $5.80. If you really want to buy, wait for the $6.26–$6.10 area to stabilize, or for price to reclaim $6.70 on rising volume. Until $BTC gets back above 79,400, high-beta coins like $UNI will fall harder than the broader market.