At the beginning of the year, Uniswap (UNI), a decentralized exchange platform realized substantial gains due to bullish momentum. Nevertheless, despite this positive trend, contemporary interest in UNI seems to be diminishing.
Uniswap (UNI) Whale Activity Analysis
Lookonchain recently disclosed that a significant whale deposited 561,782 UNI, estimated to be worth $4.38 million, into Binance. After a protracted accumulation period, the whale sold UNI for the first time in over a year. It is important to note that the whale continues to possess a significant quantity of UNI (2 million), estimated to be worth approximately $15.48 million.
The Santiment data indicates a decrease in the percentage of large addresses that possess UNI, which suggests a broader trend of declining whale interest in the token. UNI price charts exhibited a triple bottom pattern from May 26 to June 17, followed by substantial price declines, indicating a bearish trend.
Uniswap (UNI) V4 Update is Knocking
Nevertheless, the most recent Uniswap v4 update can potentially increase the price of UNI. This update introduces a revolutionary concept known as hooks, which are tiny snippets of code intended to execute at specific points in a pool's lifecycle.
They can be activated during pool creation, when liquidity providers (LPs) add or remove holdings, or before and after swaps, thereby improving the platform's functionality and efficiency.
Uniswap (UNIUSD) Technical Analysis
In the daily chart of UNIUSD, the recent Uniswap price shows a bearish momentum which found a bottom from the existing bullish order block. However, the Moving Average wave of MA 150-250 is still above the current price, suggesting ongoing selling pressure.
The dynamic 20-day EMA is still above the current price, suggesting minor short-term bearish pressure.
Furthermore, UNI's Relative Strength Index (RSI) decreased to 37.94, indicating an ongoing selling pressure The Chaikin Money Flow (CMF) also decreased, suggesting that the token experienced a decrease in money inflow. The network growth and altcoin velocity of UNI has experienced a substantial decline, which implies a decrease in interest from new addresses and a general decline in market activity.
Based on the daily outlook, investors should closely monitor how the price reacts to the 6.772 low, as a break below this line could drop the price toward the 3.820 support level.
On the other hand, an ongoing buying pressure with a stable market above the 20-day Exponential Moving Average could extend the buying pressure towards the 14.00 psychological level.
