Whales are scooping a large amount of Uniswap (UNI) token, according to a post seen by Coin Edition. On March 13, smart money tracking handle on X ‘Lookonchain,’ mentioned that a whale withdrew 86,467 UNI tokens from Binance.
Large Purchases Come In
The post also mentioned that the whale has withdrawn a total of 1.09 million UNI, valued at $15.45 million since March 1. However, it was not just one whale involved in the accumulation and exchange withdrawals.
According to Lookonchain, another market participant with the wallet tag “whitzardflow.eth,” borrowed 200,000 USDT from Aave to buy UNI. In total, the second whale holds 262,044 UNI since March 1.
A few weeks ago, Uniswap proposed a significant change to its revenue sharing model, and moments later, the price skyro c keted . Despite the “god candle” at that time which produced a 50% jump within minutes, UNI’s price has stalled in the last seven days.
At press time, the price of the token was $14.51. However, the recent accumulation could mean that something is brewing and UNI might be set for a rally.
UNI Price Prediction
From a technical perspective, the daily chart confirmed that accumulation has been taking place. This was because the Accumulation/Distribution (A/D) indicator jumped to 1.73 billion. Coin Edition also looked at the Supertrend which displayed a buy signal at $10.11.
Although UNI’s price was above that level, the Awesome Oscillator (AO) indicated that the value could drop. As of this writing, the AO was -0.70, indicating increasing downward momentum.
From a bearish perspective, the selling pressure could drive UNI down. If bulls fail to curtail this move, then the value of the token might drop to $10.61. But such selling pressure was not in evidence at press time.
However, a potential decline might not be fatal for UNI. Using the current buying pressure as backing, a surge toward $20 remains a possibility for the cryptocurrency in the mid term.
In the meantime, UNI might keep trading sideways between $13.14 and $14.55. However, if more whales continue to purchase the token, a significant rally might occur sooner rather than later.
Another event traders should watch out for is the much-anticipated altcoin season. If participants start to redistribute capital, then UNI might be one of the beneficiaries, and this might trigger a price pump.
Disclaimer: The information presented in this article is for informational and educational purposes only. The article does not constitute financial advice or advice of any kind. Coin Edition is not responsible for any losses incurred as a result of the utilization of content, products, or services mentioned. Readers are advised to exercise caution before taking any action related to the company.
