Uniswap price recently experienced a downturn after a period of significant gains. The current market conditions suggest increasing volatility as bearish trends start to dominate. Over the last day, many cryptocurrencies have witnessed a minor decrease, with trading patterns showing sideways movement. This shift indicates a broader market correction.
Uniswap Price Faces Whale Activity Amid Increased Market VolatilityÂ
A cryptocurrency wallet with address 0x_b1 has made substantial moves with UNI tokens. According to Lookonchain, the wallet first deposited 950,000 $UNI into YieldWars nearly four years ago. Recently, the wallet withdrew the entire amount, totaling about $4.1 million.Â
Following the withdrawal, it sold 902,500 $UNI, valued at approximately $6.14 million, through the FalconX platform. This sum was then distributed across multiple addresses.
A wallet related to @0x_b1 sold 902,500 $UNI($6.14M) held for ~4 years through #FalconX in the past 2 days.
This wallet deposited 950K $UNI($4.1M) to #YieldWars 4 years ago and withdrew it 2 days ago.
Then transferred 902,500 $UNI($6.14M) to #FalconX through multiple… pic.twitter.com/SGlNfazy3D
— Lookonchain (@lookonchain) August 26, 2024
Such large transactions can significantly impact the market price of UNI tokens. If the tokens were sold on the open market, price volatility could result. The sale of $6.14 million in UNI could push the price downward.
UNI Price Analysis: Bearish Gains Control Amid Broader Market Correction
Over the past 24 hours, the Uniswap price has declined 4.01%. The altcoin has been trading between $6.40 and $6.72, indicating increased volatility in the market.Â
The bears have taken control after a market surge over the past few days following the broader market rebound. However, at the time of writing, the UNI price is trading at $6.43, with a slight dip during the U.S. trading session.
With the current market adjustments, the Uniswap price could pull back to a support level of $6.3 if bearish trends intensify. A more significant support level, established at $6.4, also provides further stabilization.
The 4-hour technical indicators for Uniswap indicate a potential shift in market sentiment. The Moving Average Convergence Divergence (MACD) indicator reflects a bearish crossover. The MACD line (blue) crosses below the signal line (orange). This suggests increasing selling pressure, and the histogram also indicates a negative momentum build-up.
The Uniswap price is presently facing a crucial resistance level at $7. A successful breakthrough at this level could pave the way for a rise to $8. In the event of sustained bullish momentum, the price might climb to $10 in the next uptrend. If the bullish
Frequently Asked Questions (FAQs)
Broader market corrections often lead to increased volatility and price declines across various cryptocurrencies, including Uniswap.
Recent major transactions, particularly by large holders or “whales,” are causing significant price fluctuations in the Uniswap market.
Large transactions, such as the selling of substantial amounts of UNI tokens by whales, can lead to increased market pressure and price declines due to the sudden influx of tokens on the market.
Coingape Staff
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Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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