The number of transactions involving UNI, a cryptocurrency, is going up, suggesting that big investors and institutions are buying more on Uniswap.
Uniswap, a decentralized exchange on the Ethereum blockchain, has been quite active, and there’s been a lot of selling happening. But, a well-known cryptocurrency analyst named Ali Martinez believes that Uniswap might be getting ready for a positive change in its trend.
Cryptocurrency expert Ali Martinez suggests that Uniswap (UNI) is poised for a potential breakout. This optimism stems from the fact that about 87.56% of UNI holders are currently holding their UNI tokens at a price above their purchase price. This suggests that selling pressure has decreased, and there’s strong support around the $4 mark, which is boosting confidence among UNI investors.
Additionally, there’s been a noticeable increase in substantial UNI transactions, indicating heightened interest from institutional investors and major UNI holders at the current price levels. These big players might be either strategically investing or preparing for a possible breakout in Uniswap’s performance.
Courtesy: Ali Charts
UNI: Important Price Levels to Monitor
Currently, the Uniswap price is at $4.16, showing a 1.46% increase, and the total market value of UNI is around $2.4 billion. Right now, UNI is staying steady at its important support level of $4.
According to analyst Ali Martinez, while Uniswap has successfully maintained support at $4, there are two significant hurdles that need to be overcome to signal a positive breakout. The first obstacle is at $4.23, where 7,000 addresses collectively hold 14.24 million UNI tokens. The second challenge is at $4.45, with 2,000 addresses holding 10.28 million UNI tokens. These levels are crucial to watch for potential bullish movements.
The Relative Strength Index (RSI) suggests that if the $4.02 support level weakens, there’s a chance of an 8% drop to $3.70. If selling pressure intensifies, UNI’s price could even fall to $3.35, marking a significant 17% decline.
However, in a more positive scenario, if buying pressure drives UNI’s closing price above $4.38, it could reverse this trend and potentially lead to a 15% increase, reaching $5.04. This demonstrates how the cryptocurrency market can be unpredictable and volatile, emphasizing the need for investors to stay informed and alert about these rapid changes.
Important: Please note that this article is only meant to provide information and should not be taken as legal, tax, investment, financial, or any other type of advice.
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