Market Overview for Uniswap/Tether (UNIUSDT)

Summary
• Price surged above $6.35 in the early hours but consolidated near $6.28–6.30 amid heavy volume.
• A bullish engulfing pattern emerged after 8:45 ET, suggesting short-term reversal potential.
• RSI hovered near 50, indicating neutral momentum, while Bollinger Bands expanded, signaling rising volatility.
• Turnover spiked during the $6.30–6.40 move, confirming strength in the rebound phase.
• Price found immediate support at the 61.8% Fibonacci level of the previous 5-hour decline.

Market Overview

Uniswap/Tether (UNIUSDT) opened at $6.084 at 12:00 ET – 1, climbed as high as $6.50, touched a low of $6.055, and closed at $6.287 at 12:00 ET today. Total volume over the 24-hour window was 10.24 million, with notional turnover at approximately $64.2 million.

Structure & Formations

The 24-hour chart displayed a key bullish engulfing pattern on the 5-minute chart around 8:45 ET, as price rebounded from the 61.8% Fibonacci retracement of a prior 5-hour bearish swing. Price appears to have found structural support near $6.28–6.30, coinciding with a recent 5-minute channel floor. A small doji at $6.38 during the afternoon ET consolidation may suggest a brief pause in upward momentum.

Moving Averages

On the 5-minute chart, the 20-period MA rose above the 50-period MA around 7:00 ET, reinforcing a short-term bullish bias. On the daily chart, the 50-period MA crossed above the 200-period MA recently, signaling a medium-term uptrend. Price currently resides just above the 50-day MA at $6.26, suggesting potential for continued upward movement if volume supports.

Momentum Indicators

The RSI oscillated between 40–60 for most of the day, indicating moderate momentum without overbought or oversold extremes. MACD showed a bullish crossover late in the morning and remained positive through most of the trading day, though the histogram flattened after 10:00 ET, hinting at waning upward thrust.

Bollinger Bands and Volatility

Volatility expanded in the early hours with a large range of $6.20–6.50. Price spent the majority of the day consolidating within the Bollinger Bands, with the 20-period midline at $6.30–6.35 acting as a reference. A temporary contraction occurred in the 4–5 AM ET window, followed by a break-out that saw price rise above the upper band.

Volume and Turnover

Volume spiked sharply during the 5–7 AM ET rally, with the $6.30–6.40 move showing the highest notional turnover. A divergence was observed in the afternoon, as price continued to rise while volume declined, suggesting a potential pullback may be near. The $6.05–6.08 support level held strongly with consistent volume on the 5-minute chart.

Fibonacci Retracements

The 61.8% Fibonacci level of the recent 5-hour bearish move from $6.42–$6.19 at $6.28–6.30 acted as strong support. A 38.2% retracement of the morning rally at $6.35–6.37 also saw price consolidation, indicating possible future resistance.

Looking ahead, the next 24 hours may see a test of $6.35–6.37 resistance if the recent bullish momentum holds. However, traders should remain cautious of potential profit-taking or consolidation after the recent strong move. A breakdown below $6.25 could retrigger a test of the $6.19–6.20 support zone.