As a seasoned crypto investor with over a decade of experience navigating through market highs and lows, I have learned to read between the lines when it comes to large transactions like the one involving wallet 0x_b1 and Uniswap (UNI) tokens. The recent withdrawal and subsequent sale of nearly $6.14 million in UNI tokens could indeed trigger a downward price movement, especially considering the current bearish market conditions and increased volatility.
Lately, Uniswap’s price has dipped following a stretch of substantial growth. The current economic climate seems to be growing more turbulent as bearish tendencies become more prevalent. Over the past 24 hours, numerous cryptocurrencies have seen minor drops, and trading activity indicates a holding pattern. This trend suggests that a larger market adjustment is taking place.
Uniswap Price Faces Whale Activity Amid Increased Market Volatility
A digital wallet identified by the address 0x_b1 has shown significant activity involving UNI tokens. As per Lookonchain’s analysis, this wallet initially deposited approximately 950,000 UNI tokens into YieldWars around four years ago. More recently, the wallet withdrew all of these deposited tokens, which equates to a value of roughly $4.1 million at current prices.
After the withdrawal, they offloaded about 902,500 UNI units, worth roughly 6.14 million dollars, via the FalconX platform. These funds were subsequently dispersed among various wallets.
Within the last two days, a digital wallet associated with the account @0x_b1 successfully sold approximately 902,500 UNI tokens (equivalent to around $6.14 million) that had been held for roughly four years via FalconX.
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…
— Lookonchain (@lookonchain) August 26, 2024
Transactions of this scale might substantially influence the value of UNI tokens, potentially causing fluctuations in their market price. Selling such a large quantity ($6.14 million) on the open market could lead to price instability. This massive sale could cause the price to decrease.
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.
Over the last several days, the markets have seen a significant increase, giving bears the upper hand. Yet, currently, the value of UNI stands at $6.43, experiencing a minor drop during the American trading hours.
Given the ongoing market shifts, Uniswap’s price might retreat to a supporting point of around $6.3 if pessimistic tendencies grow stronger. Another robust support level, previously set at $6.4, additionally offers additional reinforcement.
Based on the technical analysis of Uniswap using 4-hour indicators, there seems to be a possible change in market opinion, as suggested by the Moving Average Convergence Divergence (MACD) indicator. This shift appears to favor bears since the MACD line (represented by blue) has crossed beneath the signal line (orange), indicating an increase in selling pressure. Additionally, the histogram shows a growing negative momentum trend.
Currently, Uniswap’s price is encountering a significant resistance point at around $7. Should it manage to break past this level, it could potentially lead to an increase towards $8. If the positive momentum continues, the price may even reach $10 during the next upward trend. However, if the bullish trend falters, the price might not advance beyond this level.
Read More
- LUNC PREDICTION. LUNC cryptocurrency
- BTC PREDICTION. BTC cryptocurrency
- SOL PREDICTION. SOL cryptocurrency
- BICO PREDICTION. BICO cryptocurrency
- USD ZAR PREDICTION
- USD COP PREDICTION
- USD PHP PREDICTION
- VANRY PREDICTION. VANRY cryptocurrency
- USD CLP PREDICTION
- EUR RUB PREDICTION
2024-08-26 21:00