Uniswap (UNI) Supported by Dynamic Whales, Remains Subject to Contrasting Forces in the Market

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.

Uniswap has failed to steal the limelight from other cryptocurrencies 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 the token, sparking hope for a bullish turnaround. But is this enough to propel UNI to new heights?

Whales and accumulation: Uniswap’s hidden asset

Large crypto whales appear to be betting on Uniswap. In just one week, they have snapped up over 1.68 million UNI tokens, as the DeFi token market continues to attract attention.

Among these major players is Galaxy Digital, which withdrew 1.07 million UNI from crypto exchanges on December 12.

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

However, the optimism of the whales is not sufficient 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, if the bullish trend continues.

However, there are still obstacles. The recent correction led to significant liquidations in the derivatives market, and the Long/Short ratio is 0.959, slightly favoring short sellers.

But participation remains high, with an Open Interest of $340 million, highlighting speculative interest in UNI. Despite the hurdles, UNI still has potential for a recovery.

Technical indicators, combined with the persistent interest from whales, provide a glimmer of hope for investors looking to capitalize on gains.

Uniswap, while supported by dynamic whales, is still 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. Keep an eye on UNI in the coming months.

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The blockchain and crypto revolution continues! And the day its impacts are felt in the most vulnerable economy in this World, against all odds, I will say I had a part in it.