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- A whale deposited 8,50,000 UNI coins worth ($3.76 million) into the Binance exchange on September 5 through Wintermute trading.
- The token price is currently trading at $4.33 with a decrease of 1.97% in the last 24 hours.
A huge transaction was made in the Uniswap market, where a whale deposited 8,50,000. It was valued at $3.76 Million. The tokens were deposited into Binance through Wintermute trading. The transaction didn’t make much difference in the trading price of the token. Uniswap is a decentralized trading protocol. It is known for its automated trading facilities in DeFi tokens. It was launched in Nov 2018. In Sep 2020, Uniswap created its governing token called UNI. The token marked its all-time high on 3rd MAY 2023 when it was priced at $44.97. The token is currently trading with a 14.3% decline in the daily volume.
- UNI coin has a market cap of $2.5 Billion.
- It has a circulating supply of 577,501,031 UNI, which is 57.75% of its total supply.
- The daily trading volume of the token is $46.48 Million.
Uniswap Sentiment Analysis
SOURCE: LUNARCRUSH
The total social mentions have reduced by 20.4%. The total bullish sentiments dwindled by 32.73%. This token’s total bearish sentiments surged by 10.37%. The sentiments indicate a short-term bearish movement in the token.
UNI Coin Daily Technical Analysis
SOURCE: TradingView
The price was moving in a great pattern of the trendline and made higher highs until getting to the $6.6 resistance. The coin price was rejected from there and broke the trendline. The price tried to get a reversal but then rejected from $6.3 resistance. The bears took the dominance from there and started a bearish trend. The price is currently trading at $4.34 and is approaching the $4 support level. It will take some days to reach the support level until then the price will stay bearish. From the support level, we are likely to get a bounce and reversal into a bullish trend. If the price does not take support from the $4 range, it might go down further and take support from the $3.64 support. The 2023 target for the UNI coin will be $7.5. To reach this level, the token has to break some major resistance levels shown in the chart with a sizable amount of volume in the trading. In a bearish scenario, we can expect the token to fall to the levels of $3.64 and $2.95. The RSI is at 33.61 points and SMA 14 is at 33.05 points. It indicates the RSI is below the neutral level and in an oversold region. The price is moving way below the 50-day EMA. The price will likely take support from the marked support level and then move upwards. Coin’s move above the EMA 50 will confirm the bullish trend.
Conclusion
The short-term movement is bearish in the token until we successfully test the support level, bounce from the support, and take a reversal into a bullish trend. If we break the support levels, we will continue further into the bearish trend.
Technical Levels
- SUPPORT: $4.0 AND 3.64
- RESISTANCE: $5.14, $6.3, $6.72
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
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