Uniswap Price Rebounds as Whale Invests $2M in UNI, What’s Next?

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Uniswap price

Amid the recent market recovery, the Uniswap price correction managed to stabilize above $7.5 support. While the price trajectory is still sideways, the long-tail rejection in the daily chart shows buyers are preventing major correction. An analysis of the daily chart shows ongoing correction assists in the formation of a bullish continuation pattern called a symmetrical triangle. Should you buy this dip?

Also Read: Germany’s Bitcoin Holdings Drop to 15,100 In Recent Sell-Off

Uniswap Price Analysis: How the Triangle Pattern Could Signal Next Recovery Wave

BINANCE:UNIUSDT Chart
Uniswap Price Analysis| Tradingview

UNI, the native cryptocurrency of decentralized crypto exchange has recorded an aggressive correction in the past three weeks. From the $11.96 swing high, the coin price fell 43.7% to hit a low of $6.76.

The falling price managed to find suitable support at the lower trendline of the symmetrical triangle. This chart pattern has been guiding a sideways trend in UNI token since early March allowing to recuperate bullish momentum for higher rally.

The altcoin rebounded thrice from the bottom trendline indicating a crucial accumulation point for dip buyers. The Uniswap token currently trades at $8.05, hovering above the triangle pattern to bolster its next jump.

Also Read: Bitcoin Price Analysis As BitMex Witnesses Second Largest BTC Outflow

In a significant on-chain activity observed by Lookonchain, a whale or institutional investor spent 2 million USDC to acquire 243,198 UNI tokens. The investor strategically deposited 2 million USDC into a Kraken account earlier today prior to the transaction and subsequently withdrew the UNI tokens, valued at approximately 1.96 million USD, from Kraken just 50 minutes before Lookonchain’s report. 

Adding to this, the same whale deposited 4 million USDC to Kraken and withdrew 35,983 AAVE (valued at 3 million USD) and 123,183 UNI (valued at 1 million USD). These heavy transactions as UNI price trades above crucial support indicate a higher possibility of bullish reversal.

The potential upswing could propel the asset by 26% before challenging the resistance trendline of the triangle pattern. An upside breakout from the overhead trendline will signal the continuation of the uptrend and bolster buyers to retest the $17 high.

Technical indicator

  • BB Indicator: The lower band of Bollinger band indicator challenge on the downside indicates the seller remains a dominant player.
  • ADX: The rising ADX slope indicates no weakness in bearish momentum so far to bolster price reversal.

The post Uniswap Price Rebounds as Whale Invests $2M in UNI, What’s Next? appeared first on CoinGape.

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