UNI Rejects $7.33 Twice: Is a Return to $7.00 the Next 24-Hour Move?

UNI 24-hour technical assessment

Market state: UNI is trading at $7.1192, down from the intraday high near $7.334 and only modestly above the late-session low of $6.948. The daily structure is a recovery/consolidation after the sharp October 29 liquidation, but the immediate hourly structure has turned bearish following rejection from the $7.25–$7.33 supply area.

1. Multi-timeframe price structure

• Longer daily trend: UNI advanced strongly from the August low near $3.17 to the September peak near $10.88, then entered a broad corrective phase. Since late September, the sequence has generally featured lower highs, including resistance around $9.29, $7.88, $7.75, $7.64, and most recently $7.50–$7.33.
• Recent daily structure: The October 29 candle produced a large sell-off from $7.21 to $6.46 with a low at $6.279 and volume above $1.04B. Although October 30 recovered to $7.146 on high volume, subsequent candles have failed to establish a sustained breakout above $7.21–$7.32.
• Hourly structure: During November 2, price initially advanced from about $7.16 to $7.334, then rolled over. The later sequence was lower: $7.265, $7.195, $7.204, $7.155, $7.094, $7.029, $7.000, before a small bounce to $7.108–$7.119. This is a short-term lower-high/lower-low pattern.

2. Candlestick and rejection analysis

• The daily candle is currently red, opening near $7.210 and trading as low as $6.970 before closing near $7.119. It shows rejection of higher prices rather than bullish continuation.
• The hourly high at $7.334 was tested twice during the session, around 03:00 and 13:00 UTC, and both attempts failed. Repeated rejection from the same area identifies active sellers near $7.30–$7.33.
• The rebound from the $7.00 area is real, but it has not yet reversed the intraday bearish sequence. A bounce that remains below the $7.14–$7.19 midpoint/retracement area is more consistent with a sellable retest than a confirmed reversal.

3. Moving-average interpretation

Using recent daily closes:

• 5-day SMA: approximately $7.00.
• 10-day SMA: approximately $7.02.
• Current price is only slightly above these short moving averages, so there is nearby short-term support, but no strong upside separation.
• The approximate 20-day average remains higher, near the low-to-mid $7.10s. Price remains below or around that medium-term trend reference, which keeps the broader recovery fragile.
• The 5-day average is only marginally above the 10-day average, indicating weak momentum rather than a strong bullish trend.

4. Momentum: RSI and MACD-style reading

• A 14-period daily RSI estimate based on the latest price changes is in the mid-40s, a neutral-to-bearish zone. This is not oversold; therefore, there is room for another decline before a high-probability mean-reversion bounce is required.
• Momentum improved after the October 29 low, but the recovery has stalled around $7.20–$7.33. This suggests the positive momentum impulse is fading.
• A MACD-style interpretation of the recent daily sequence is weak: the rebound has not produced a meaningful higher high, while price is again rotating downward. The momentum balance favors a short-term bearish pullback rather than a clean breakout.

5. Volume and participation

• The October 29 sell-off occurred on exceptionally high volume (~1.04B), demonstrating strong distribution/liquidation pressure.
• The October 30 rebound was also high volume (~931M), but volume then declined materially on October 31 and November 1. This indicates that buyers were able to rebound from the panic low, but did not maintain expanding participation above $7.20.
• On the hourly chart, notable activity accompanied the late decline toward $7.00. The subsequent rebound is relatively limited and has not reclaimed key intraday resistance, suggesting sellers retain control near resistance.
• Some hourly volume entries are zero or sparse, so volume conclusions should be treated as directional rather than exact.

6. Support, resistance, pivots, and Fibonacci zones

Resistance:

• $7.14–$7.19: hourly midpoint/retest zone and immediate short-entry area.
• $7.21–$7.27: repeated intraday trading/congestion area.
• $7.317–$7.334: session highs and primary invalidation/supply zone.
• $7.50: October 29 high and larger overhead resistance.

Support:

• $7.03–$7.00: psychological support and latest intraday reaction zone.
• $6.95: session low / near-term liquidity level.
• $6.89: approximately the 50% retracement of the October 29 range.
• $6.74: approximately the 38.2% retracement zone of that range.
• $6.46–$6.28: major daily support created by the October 29 washout.

For the October 29 range from approximately $6.279 to $7.496, the 61.8% retracement is near $7.03. Price is only slightly above this level. Failure to hold it would increase the probability of a move through $7.00 toward $6.95–$6.89.

7. Volatility and risk structure

• Daily ranges remain elevated: recent sessions have commonly covered roughly $0.35–$0.85, with the October 29 range exceeding $1.20.
• The current daily range is about $0.35, but the hourly move from $7.334 to $6.948 already demonstrates that volatility can expand quickly.
• This supports using a retracement entry instead of chasing the short at the current price. A sell limit near $7.18 offers better risk-to-reward because it sits near immediate resistance while retaining downside room to $6.98.

8. 24-hour forecast

Base case: mildly bearish. The most likely next-24-hour path is a failed or limited rebound into $7.14–$7.19, followed by renewed pressure toward $7.03–$7.00 and potentially $6.98. The forecast is based on the hourly lower-high pattern, repeated failure at $7.33, neutral-bearish momentum, and lack of sustained volume confirmation for the rebound.

Bullish invalidation: A sustained hourly close above $7.25, followed by acceptance above $7.33, would invalidate the immediate bearish thesis and could expose $7.43–$7.50. For a short position, risk control should be placed above the $7.33 rejection zone.

Trading conclusion: Sell rallies rather than chase breakdowns. The preferred entry is a retracement toward $7.18, with a take-profit just above the $7.00 support zone. This is a short-term technical view, not a guarantee; crypto markets can move sharply on broader market, protocol, or liquidity news.