Uniswap Price Drops 9.5% Amid Technical Correction Pressure
Uniswap (UNI) price dropped by about 9.5% due to technical correction pressure, despite governance reforms and an accelerated UNI token burn from the activated fee switch providing a supportive backdrop.
The decline in Uniswap's value stands in contrast to its still-bullish technical structure, with UNI above key moving averages and buyers dominating intraday momentum.
Annualized UNI burns exceeded $250 million, thanks to increased trading volume on Robinhood Chain, while institutional flows included Arthur Hayes acquiring $2 million in UNI over two days. However, strong selling persisted in the broader market.
UNI/USD trades above its short-, medium-, and long-term moving averages, with immediate resistance at $6.454 and near-term support at $5.676.