Uniswap (UNI), an Ethereum-based altcoin, has been making headlines in the cryptocurrency world due to its impressive price surge and recent breakout. Following the breakout on August 22, 2024, a whale that had been inactive for six months made a significant move by withdrawing 1.48 million UNI tokens worth $10.4 million from Coinbase Prime, according to the on-chain analytic firm Spotonchain.
Expert technical analysis suggests that UNI is looking bullish after breaking out of a crucial descending trendline and a strong resistance level at $6.75. However, there is a possibility of a price correction before a significant upside rally. Based on historical price momentum, UNI could potentially reach $9 and $12 levels in the coming days, although it may face resistance near $7.5 and $9 levels during its upward momentum.
The whale holding a substantial amount of UNI tokens, which now total over 3.91 million UNI worth $27.2 million, made a similar withdrawal in February 2024. This recent move has caught the attention of investors and traders, presenting a potential buying opportunity as UNI currently trades at a discounted price compared to its peak in March 2024.
At present, UNI is trading around $6.93 with an 8% price surge in the last 24 hours. The trading volume has also increased by 101%, indicating heightened activity from traders post-breakout. Additionally, UNI’s open interest has risen by 15% in the last 24 hours, showing increased investor interest following the recent developments.
Source: Trading View
In conclusion, the recent developments surrounding UNI have created significant buzz in the cryptocurrency community, with potential opportunities for investors and traders to capitalize on the altcoin’s price movements.
