Uniswap prize today printed a god-candle in the midst of continuous whaling, while a pattern with a round bottom formed on the daily graph.
Uniswap (Uni) collected 23% to an intraday highlight of $ 10.75 on July 18 before he stabilized at $ 10.66 while writing. The price is currently more than 120% higher than its low to date.
The daily trade volume for token has risen 76% in the past day at $ 1.6 billion, while market capitalization was $ 6.39 billion.
The price butt of today’s token seems to be mainly fed by aggressive whale accumulation in the past week. According to data followed by crypto.news team, whale addresses have bought At least $ 26.8 million in uni -tokens during this week.
Additional data from Nansen shows that whales now contain 5.83 million uni tokens, an increase of 67.8% in the last 30 days.
The persistent whale accumulation seems to have caused a chain reaction, which has also been drawn into retail investors.
According to CoinglassOpen interest in the Uniswap Futuresmarkt rose by 27% in the last day and reached $ 763.68 million. That is a large leap of around $ 240 million in May, which shows that more traders are involved and place larger bets in the token.
The financing percentage also rose higher and rose to 0.0233% of 0.0049% the day before. This suggests that more people go to the Uni for a long time, with traders who are willing to pay extra to keep their bullish positions open. It shows that traders become more confident in a potential upward movement and position themselves for further profit.
As the largest Dex in Ethereum, the Uniswap meeting has also brought the power of the sharp rebound of Ethereum in the past week, which has lifted the market sentiment and revived the momentum about the Defi Ecosystem.
The total value locked in Uniswap has been reclined above $ 5.71 billion for the first time since February, about 21% to climb after the end of June.
Uniswap price analysis
On the daily graph, Uniswap has been developing a rounded soil pattern since January of this year. The pattern, also known as a dish base in technical analysis, is characterized by a slow and steady drop of price followed by a similar gradual recovery, which forms a smooth, curved soil.
The neckline of the rounded soil pattern is $ 15.69, with the soil being formed earlier in April $ 4.59.
In the meantime, the 50-day simple advancing average in the coming days seems ready to cross above the 200-day advancing average, to form a Golden Cross, a classic bullish signal that often indicates the start of a persistent upward trend and can further support Opwing Momentum.
That is why if Uniswap continues to complete the rounded soil, the following keys is at $ 12, a level that also matches the 50% Fibonacci racement zone, making it a key resistance point. A decisive outbreak above $ 12 would increase the chance that a full pattern will be completed at the neckline level of $ 15.69, an increase of 48% compared to the current price level.
If Bullish Momentum remains intact due to that outbreak, Uni could possibly enter a parabolic rally and open the door to much higher price levels in the coming weeks.
Publication: This article does not represent investment advice. The content and materials on this page are only for educational purposes.
