Uniswap : Accumulation Record, The UNI Crypto In Search Of A Rebound

Uniswap has not managed to steal the spotlight from other cryptos despite a recent euphoric period. While many assets recorded impressive gains, UNI lagged behind with a 6% drop in 24 hours. However, encouraging signals are emerging: crypto whales continue to accumulate tokens, sparking hope for a bullish turnaround. But is it enough to propel UNI to new heights?

Whales and accumulation : Uniswap’s hidden asset

Large crypto whales seem to believe in Uniswap’s potential. In just one week, they accumulated more than 1.68 million UNI tokens, as the DeFi token market attracts increasing attention. Among these major players is Galaxy Digital, which withdrew 1.07 million UNI from crypto exchanges on December 12.

https://twitter.com/lookonchain/status/1867439194228109511

This whale rush coincides with bullish signals on Uniswap’s weekly chart, which shows a recovery resembling a rounded bottom.

• Bullish 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 pressure.

However, the optimism of the whales is not enough to completely neutralize selling pressure. With an increasing supply on crypto exchanges and 62% of wallets in profit, profit-taking behaviors could limit UNI’s bullish ambitions.

Price analysis : Will UNI assault the $27 mark ?

Uniswap has a chance to reach new heights, but it will depend on maintaining the current momentum. The price of UNI could reach $27.41, corresponding to the Fibonacci ratio 1.618, provided that the bullish trend continues.

However, obstacles remain: the recent correction led to significant liquidations in the derivatives market, while the Long/Short ratio fell to 0.959, slightly favoring short sellers.

Participation remains high with an Open Interest of $340 million, highlighting speculative interest in UNI. But despite the obstacles, UNI retains a potential for recovery. Technical indicators, combined with the persistent interest of whales, provide a glimmer of hope for investors seeking gains.

Uniswap, although supported by dynamic whales, remains subject to contrasting forces in the market. However, the team is not lacking in innovation: at the end of October, a revolutionary multi-chain bridge was launched to reinvent crypto transfers. Worth keeping an eye on UNI in the coming months.