Uniswap price recently experienced a downturn after a period of significant gains. Current market conditions suggest increasing volatility as bearish trends begin to dominate. Over the past day, many cryptocurrencies experienced a slight decline, with trading patterns showing sideways movement. This shift indicates a broader market correction.
Uniswap price faces whale activity amid increased market volatility
A cryptocurrency wallet with the address 0x_b1 has been generating significant revenue from UNI tokens. According to Lookonchain, the wallet first deposited $950,000 in YieldWars nearly four years ago. Recently, the wallet withdrew the entire amount, totaling about $4.1 million.
After the withdrawal, it sold 902,500 $UNI worth about $6.14 million through the FalconX platform. This amount was then distributed across several addresses.
A wallet related to @0x_b1 sold 902,500 $UNI(6.14 million USD) held for approximately 4 years by #FalconX in the last 2 days.
This wallet has deposited 950,000 $UNI(4.1 million USD) to #YieldWars withdrawn 4 years, 2 days ago.
Then transferred 902,500 $UNI(6.14 million USD) to #FalconX through several… pic.twitter.com/SGlNfazy3D
— Lookonchain (@lookonchain) 26 August 2024
Such large transactions can significantly affect the market price of UNI tokens. If the tokens were sold on the open market, price fluctuations could occur. The sale of $6.14 million in UNI could push the price down.
UNI Price Analysis: Bearish Gains Control Amid Broader Market Correction
In the last 24 hours, Uniswap price has fallen by 4.01%. The altcoin was trading between $6.40 and $6.72, indicating increased volatility in the market.
The bears have taken control after a market surge in recent days following the general market recovery. At the time of writing, the UNI Prize is trading at $6.43, with a slight decline during the US trading session.
With the current market adjustments, Uniswap price could fall back to a support level of $6.3 if the bearish trends intensify. A more significant support level at $6.4 also provides further stabilization.
The 4-hour technical indicators for Uniswap suggest a possible change in market sentiment. The Moving Average Convergence Divergence (MACD) indicator reflects a bearish crossover. The MACD line (blue) crosses below the signal line (orange). This indicates increasing selling pressure and the histogram also indicates a negative momentum buildup.
Uniswap price is currently facing a crucial resistance level at $7. A successful breakout of this level could pave the way for a rise to $8. In case of sustained bullish momentum, the price could rise to $10 in the next uptrend. If the bullish
Frequently Asked Questions (FAQs)
Major market corrections often lead to increased volatility and price declines in various cryptocurrencies, including Uniswap.
Recent large transactions, especially by large holders or “whales,” are causing significant price fluctuations in the Uniswap market.
Large transactions, such as whales selling significant amounts of UNI tokens, can lead to increased market pressure and price declines due to the sudden influx of tokens into the market.
Coingape Staff
CoinGape is comprised of an experienced team of homegrown content writers and editors who work around the clock to cover news around the world and present it as facts, not opinions. CoinGape writers and reporters contributed to this article.
Disclaimer: The content presented may contain the personal opinion of the author and is subject to market conditions. Conduct market research before investing in cryptocurrencies. The author or publication assumes no responsibility for your personal financial loss.
✓ Share: