Uniswap

A crypto whale’s activity caught everyone’s attention in the ongoing price fall across the cryptocurrency landscape. Recently, an on-chain analytics firm, SpotonChain, made a post on X (previously Twitter) that a whale wallet address, 0x1c6, is the reason behind the UNI price fall. Why UNI token price is falling? 
According to the post on X, whale wallet address 0x1c6 recently deposited (SOLD) over 1.16 million UNI tokens worth around $12.9 million to the world’s biggest cryptocurrency exchange, Binance, resulting in a price drop of 4%. Spotonchain also cited that this whale bought over 1.54 million UNI tokens worth around $6.46 million in late 2023 and has sold 1.41 million UNI tokens with an average price of $11.05.
In the past 2 hours, whale 0x1c6 moved 1.16M
With this massive deposit, this whale address 0x1c6 made a profit of over $6.99 million, which is equivalent to a 71% return on the investment. UNI’s technical analysis and key levels 
According to expert technical analysis, besides this massive UNI tokens deposit over Binance, one noticeable thing is that in one daily timeframe, Uniswap’s UNI token is forming a bearish head and shoulder price action pattern. Although this pattern is not completed, if the market’s sentiment does not change, then in the coming days, there might be a massive fall till the $8.5 level is observed in the UNI token.
This will only happen when the UNI daily candle gives a breakdown of the head and shoulder pattern and its daily candle closes below the $10.20 level. However, this price prediction is based on technical analysis and price action.
Currently, UNI is trading near $11.07, and in the last 24 hours, it experienced a downside momentum of over 4%. If we look at the UNI performance over a longer period, in the last 7 days, the UNI price has dropped by over 11%, whereas, in the last 30 days, it experienced a price drop of over 8%.
Besides the UNI price drop due to whale activity, the overall <a href="https://news.todayq.com/michael-saylor-gives-this-advice-amid-crypto-bloodbath/" rel="noopener noreferrer nofollow">crypto market is down</a> by nearly 0.3%, and the top cryptocurrencies like Ethereum, Ripple, Dogecoin, and others are also going through a price drop in their value. Whereas, the world’s biggest cryptocurrency, Bitcoin, is also struggling to gain momentum at this current time due to this negative market sentiment.

Uniswap price down by 5%, this might be the reason

Todayq News

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