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?

Table of Contents

Coingape News Media

Outros artigos publicados em 10 de jul. de 2024

BlockDAG Renders $6000 Daily Income With X30 Miner & Countless Revenue Streams, Leaving Solana & ...

Mafia Tate Mememcoin to Skyrocket 14,000% as KuCoin Listing Announced, While SHIB and Dogecoin St...

Crypto Community Eagerly Awaits Ethereum ETF and Upcoming Project Launch

Circle Emerges as Major Beneficiary of MiCA Stablecoin Regulations

BLOCX. Announces Launch of Comprehensive Web3 Solutions Suite

$56.9M Presale Achievement Sets BlockDAG Ahead of Toncoin (TON) Price Predictions & Uniswap (UNI)...

Join our free newsletter for daily crypto updates!