Uniswap has not been able to steal the spotlight from other cryptos despite a recent euphoric period. While many assets saw impressive gains, UNI lagged behind with a 6% decline in 24 hours. However, encouraging signals are emerging: crypto whales continue to accumulate tokens, raising hopes of a bullish reversal. But, is it enough to propel UNI to new heights?
Whales and accumulation: the hidden asset of Uniswap
The big crypto whales seem to believe in the potential of Uniswap. Over a single week, they accumulated more than 1.68 million UNI tokensas the DeFi token market attracts more and more attention. Among these major players, we find Galaxy Digitalwhich withdrew 1.07 million UNI from crypto exchanges on December 12.
This whale rush coincides with bullish signals on Uniswap's weekly chart, which shows a rounded bottom recovery.
- Bull market: the UNI price is up 40% over the month;
- Inflated capital: From $7.81 billion to $10.48 billion in just a few weeks;
- Technical figures: The MACD shows positive momentum, while the ADX indicates strong buying momentum.
However, the whales' optimism is not enough to completely neutralize the selling pressure. With an increasing supply on crypto exchanges and 62% of wallets in profit, profit-taking behavior could limit UNI's upward ambitions.
Price analysis: UNI storming to $27?
Uniswap has chances of breaking new highs, but this will depend on maintaining the current momentum. UNI price could reach $27.41level corresponding to the Fibonacci ratio 1.618, provided that the upward trend continues.
However, obstacles remain: the recent correction has led to significant liquidations in the derivatives marketwhile the Long/Short ratio fell to 0.959, slightly favoring short sellers.
Participation remains high with an Open Interest of $340 million, highlighting the speculative interest in UNI. But despite the obstacles, UNI retains recovery potential. Technical indicators, combined with continued whale interest, offer a glimmer of hope for investors looking for upside.
Uniswap, although driven by dynamic whales, remains subject to contrasting forces in the market. However, the team has no shortage of innovation: at the end of October, a revolutionary multi-chain bridge was launched to reinvent crypto transfers. Something to keep an eye on UNI in the months to come.
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