Uniswap Price Holds $16 as Whale Dumping Hits $104M: Will UNI Bounce Back?

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As a seasoned researcher with over two decades of experience navigating the cryptocurrency markets, I have seen my fair share of bull and bear cycles. The current market turbulence, with Bitcoin crashing down under $104K, has sent ripples across the altcoin landscape. However, amidst this chaos, Uniswap stands tall, defying the odds and maintaining a positive trajectory above $16.

Currently, Bitcoin is plummeting below $104,000, causing altcoins to experience increased selling pressure. In contrast, Uniswap manages to buck the trend, continuing its upward momentum and holding steadily above $16. Here’s a breakdown of their current status:

Could Uniswap give in to the stress and fall below $15, given that Bitcoin might plummet towards $100,000?

Whales Offload Massive Supply of Uniswap

As a financial analyst, I’ve noticed that institutions are now taking profits from their DeFi tokens, given the deepening correction in the broader market. Over the last couple of days, these institutional players have been offloading their UNI tokens across various digital exchanges.

Whale “0x59A” owned an investment portfolio valued at approximately $89.4 million and placed 1,495,000 UNI tokens into Binance, representing a deposit worth about $24.3 million. This investment move generated a profit of roughly $13.7 million, equating to a substantial return of 129% in less than five months’ time.

Additionally, a digital wallet associated with the Uniswap team, identified as “0x837,” transferred approximately 5 million UNI tokens. A substantial deposit worth around $80.97 million was made to Coinbase Prime following a period of 4.25 years of inactivity. This transaction suggests that the owner of the wallet is strategically timing their move amid fluctuating market conditions.

Following the deposit, there remains approximately $65.7 million in UNI tokens within the team wallet, which equates to around 4.01 million UNI tokens. This strategic selling, occurring after a period of inactivity, highlights the possibility of a significant market adjustment or correction.

Starting from July 4th, three previously inactive wallets linked to the Uniswap team have become active again. They’ve collectively deposited approximately 22.99 million UNI tokens, which equates to a monetary value of around $221.85 million. The average price at which these tokens were deposited was roughly $9.648.

During the busy token transfer period, Uniswap tokens moving through exchanges surpassed 800,000 within the last 24 hours, amounting to more than $13 million in total.

Uniswap Pictures Triangle Breakout to Cross $20

On the 4-hour scale, the price movement of Uniswap demonstrates a temporary adjustment that tests a previously anticipated support line. This results in a symmetrical triangle formation on the chart.

The price of Uniswap is approaching the constricted section of the triangle shape it’s forming. Currently, one Uniswap token costs about $16.32 and has risen by 0.48% today, showcasing its strength even amidst growing pressure from large deposits affecting the market’s downward trend.

Observing the market’s current short-term adjustment, it appears that the price of UNI is gearing up for a powerful surge in value. The MACD signal line seems poised to intersect positively, which could significantly increase the likelihood of a bullish breakout.

According to the pivot point method, if the bullish breakout holds, it’s expected to test or even surpass the resistance level of approximately $19.45. If the rally continues strongly, the price could potentially reach as high as $24.71. Conversely, a significant support lies at around $14.19. Maintaining this support will be crucial for UNI to maintain its upward trend and momentum.

To sum up, it appears plausible that Uniswap could experience a surge due to its ability to withstand the overall market stress.

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2024-12-18 12:39