Technical indicators suggest the potential for further downturn unless support levels hold.
Uniswap price recently experienced a downturn after a period of significant gains. The current market conditions suggest increasing volatility as bearish trends start to dominate. Over the last day, many cryptocurrencies have witnessed a minor decrease, with trading patterns showing sideways movement. This shift indicates a broader market correction.
A cryptocurrency wallet with address 0x_b1 has made substantial moves with UNI tokens. According to Lookonchain, the wallet first deposited 950,000 $UNI into YieldWars nearly four years ago. Recently, the wallet withdrew the entire amount, totaling about $4.1 million.
Following the withdrawal, it sold 902,500 $UNI, valued at approximately $6.14 million, through the FalconX platform. This sum was then distributed across multiple addresses.
Such large transactions can significantly impact the market price of UNI tokens. If the tokens were sold on the open market, price volatility could result. The sale of $6.14 million in UNI could push the price downward.
Over the past 24 hours, the Uniswap price has declined 4.01%. The altcoin has been trading between $6.40 and $6.72, indicating increased volatility in the market.
The bears have taken control after a market surge over the past few days following the broader market rebound. However, at the time of writing, the UNI price is trading at $6.43, with a slight dip during the U.S. trading session.
With the current market adjustments, the Uniswap price could pull back to a support level of $6.3 if bearish trends intensify. A more significant support level, established at $6.4, also provides further stabilization.
The 4-hour technical indicators for Uniswap indicate a potential shift 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 suggests increasing selling pressure, and the histogram also indicates a negative momentum build-up.
The Uniswap price is presently facing a crucial resistance level at $7. A successful breakthrough at this level could pave the way for a rise to $8. In the event of sustained bullish momentum, the price might climb to $10 in the next uptrend. If the bullish