Uniswap (UNI) Rebounds From Crucial Support Level Amidst Significant Whale Accumulation

Uniswap [UNI] has rebounded from a crucial support level amid significant whale accumulation. In a noteworthy transaction observed by Lookonchain, a whale

A recent analysis of cryptocurrency transactions has revealed a significant purchase by a whale or institutional investor, who acquired 243,198 UNI tokens for approximately 1.96 million USD. This transaction occurred just 50 minutes before the report by Lookonchain, a Web3 data analysis platform.

The investor initially deposited 2 million USDC into a Kraken account and later withdrew the UNI tokens.

According to the analysis, the same whale also made another two withdrawals from Kraken - 35,983 AAVE tokens (valued at 3 million USD at the time) and 123,183 UNI tokens (valued at 1 million USD).

These substantial transactions suggest a higher possibility of a bullish reversal as UNI trades above crucial support levels.

At press time, UNI was priced at $8.00, with a 24-hour trading volume of $146,641,362, as reported by Coingecko.

This represented a 1.50% price decline in the last 24 hours and a 1.18% price decline over the past seven days.

Despite this recent decline, the price has been fluctuating within a resistance zone between approximately $9.5 and $12, after peaking near $16.912 in the past.

Crucial support levels to watch are $5.906 and $3.818, while resistance levels are around $9.5 and $12.

The price action and RSI suggested that traders should watch for a break above the resistance zone for bullish confirmation or a breakdown below the support levels for a bearish outlook.

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