2024

Uniswap

Bitcoin

USDC

Amid the recent market recovery, the <a href="https://coingape.com/price/uniswap/">Uniswap price</a> 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:&nbsp;<a href="https://coingape.com/germany-bitcoin-holdings-drop-under-19000-in-recent-sell-off/">Germany’s Bitcoin Holdings Drop to 15,100 In Recent Sell-Off</a> 
<h2 id="b-uniswap-price-analysis-how-the-triangle-pattern-could-signal-next-recovery-wave-b">Uniswap Price Analysis: How the Triangle Pattern Could Signal Next Recovery Wave</h2> 
<figure style="width: 100%" class="wp-caption alignnone">
 <img decoding="async" src="https://s3.tradingview.com/snapshots/8/8Icc10vz.png" alt="BINANCE:UNIUSDT Chart " width="1814" height="754">
 <figcaption class="wp-caption-text">
 Uniswap Price Analysis| Tradingview
 </figcaption>
</figure> 
<a href="https://coingape.com/breaking-uniswap-labs-urges-sec-to-rethink-defi-rule-expansion/">UNI</a>, 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. 
<blockquote>
 The altcoin rebounded thrice from the bottom trendline indicating a crucial accumulation point for dip buyers. The <a href="https://coingape.com/trending/market-fluctuations-take-uniswap-exits-near-weekly-double-digits/">Uniswap</a> token currently trades at $8.05, hovering above the triangle pattern to bolster its next jump.
</blockquote> 
Also Read: <a href="https://coingape.com/markets/bitcoin-price-prediction-as-bitmex-witnesses-second-largest-btc-outflow/">Bitcoin Price Analysis As BitMex Witnesses Second Largest BTC Outflow</a> 
In a significant on-chain activity observed by Lookonchain, a whale or institutional investor spent 2 million USDC to acquire 243,198 UNI tokens. The investor strategically deposited 2 million USDC into a Kraken account earlier today prior to the transaction and subsequently withdrew the UNI tokens, valued at approximately 1.96 million USD, from Kraken just 50 minutes before Lookonchain’s report.&nbsp; 
<blockquote class="twitter-tweet"> 
 The whale/institution spent 2M <a rel="nofollow" href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> to buy 243,198 <a rel="nofollow" href="https://twitter.com/search?q=%24UNI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$UNI</a> again. 
 He deposited 2M <a rel="nofollow" href="https://twitter.com/search?q=%24USDC&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$USDC</a> to <a rel="nofollow" href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw">#Kraken</a> 7 hours ago and withdrew 243,198 <a rel="nofollow" href="https://twitter.com/search?q=%24UNI&amp;src=ctag&amp;ref_src=twsrc%5Etfw">$UNI</a>($1.96M) from <a rel="nofollow" href="https://twitter.com/hashtag/Kraken?src=hash&amp;ref_src=twsrc%5Etfw">#Kraken</a> 50 minutes ago.<a rel="nofollow" href="https://t.co/WsgHzYCDv9">https://t.co/WsgHzYCDv9</a> <a rel="nofollow" href="https://t.co/cFrmGPEZw6">pic.twitter.com/cFrmGPEZw6</a> 
 — Lookonchain (@lookonchain) <a rel="nofollow" href="https://twitter.com/lookonchain/status/1811086028113121680?ref_src=twsrc%5Etfw">July 10, 2024</a>
</blockquote> 
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script> 
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 
<ul> 
 <li style="font-weight: 400;" aria-level="1">BB Indicator: The lower band of <a href="https://coingape.com/education/bollinger-band/">Bollinger band</a> indicator challenge on the downside indicates the seller remains a dominant player.</li> 
 <li style="font-weight: 400;" aria-level="1">ADX: The rising ADX slope indicates no weakness in bearish momentum so far to bolster price reversal.</li> 
</ul> 
The post <a href="https://coingape.com/markets/uniswap-price-as-whale-2m-in-uni-ahead/">Uniswap Price Rebounds as Whale Invests $2M in UNI, What’s Next?</a> appeared first on <a href="https://coingape.com">CoinGape</a>.

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

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