Uniswap [UNI] has had two successful recoveries since the November 2022 market crash, each reaching $6.5. However, the most recent recovery phase only reached $5.5 before turning into a correction.

At press time, UNI was trading at $5.323 and threatened to fall below support at $5.267. Although such a downward move could provide short traders with additional profits, technical indicators (12-hour chart) and whale action urged caution.

In the second phase of UNI’s rally, the token reached $6.5 in early December 2022 after hitting a low of $5.0 in November 2022. It then followed a downtrend, forming a falling channel, before falling below it into a trading range.

(By Suzuki Shillsalot)