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Uniswap Price Bearish Pattern Emerges as Whale Selling Threatens $10 Level
A crypto whale’s recent transaction has raised concerns about a potential breakdown in the Uniswap price, which may threaten the crucial support level of $10. The asset’s market is reeling from a sharp correction, following the US Federal Reserve’s decision to cut interest rates by 25 bps.
According to Coinmarketcap, the UNI price currently trades at $15.05 with an intraday loss of 7.2%. This significant decline has led to a drop in its market cap to $9.03 Billion and a trading volume of $879.6 Million within the past 24 hours.
Notably, the Uniswap market is now vulnerable to further correction, as a double-top reversal pattern takes shape on its chart. The formation of this bearish pattern has caused the price to plummet from $18.9 to $14.8, resulting in a significant weekly loss of 21.5%.
The $14 level, reinforced by a 200-day exponential moving average, presents a strong support for crypto buyers looking to enter long positions. However, this critical level is now under immense pressure as the bearish pattern gains momentum.
Moreover, an unusual whale transaction has sparked concerns about potential selling pressure in Uniswap’s market. A significant transfer of 1.495 million UNI tokens, valued at approximately $24.39 million, was recorded on Binance. The associated wallet had previously withdrawn this same amount between July and September at an average purchase price of $7.69 per token.
This sale would result in a substantial profit for the whale, totaling around 108%. This transaction often precedes potential market tops, thus suggesting that the Uniswap price may be poised to enter a prolonged correction phase.
As the chart setup bears similarities with the letter ‘M’, indicating an intense selling pressure from above, the UNI coin is likely to fall by approximately 5.5% and test the pattern neckline support at $14. A breakdown below this level would accelerate the selling pressure and potentially drive the price down to $8.57.
On the other hand, if buyers successfully defend the $14 support, the price may experience a short-term consolidation before attempting to recoup its momentum.
In conclusion, Uniswap’s chart is now replete with bearish signals that are warning of a potential breakdown below $10. If not addressed, this could result in catastrophic consequences for the asset’s market capitalization.
Source: www.cryptonewsz.com
