Uniswap [UNI] Targets $12 as Whales Defend This Support Level

Uniswap [UNI] was riding the bull run as whales actively accumulated the token behind the scenes. Can this help UNI outperform other tokens in the coming weeks?

Uniswap [UNI] price showed a promising recovery after a recent accumulation by a “DeFi whale.” Could this help UNI outshine other tokens in the upcoming weeks?

Whale’s bold play on Uniswap

A recent post on X (formerly Twitter) by blockchain tracker Spot On Chain highlighted the activity of a DeFi whale who spent $4 million USDC to purchase 437,000 UNI tokens.

This whale, an early holder of UNI, has accumulated 2.248 million UNI tokens (approx. $20.8 million) with unrealized profits of $5 million ( 31.5%) acquired at an average price of $7.06.

Following this massive purchase, Uniswap’s price recovered from earlier losses, showing a 0.08% gain to trade at $9.17, at press time.

Moreover, a 38.85% surge in trading volume signaled increased interest and participation from traders and investors, which was likely sparked by this whale’s activity.

A drop in Uniswap addresses hints at…

A look at Uniswap’s Daily Active Addresses (DAA) showed that it has been fluctuating between 6,000 and 10,000 since March to November.

A sharp spike on the 5th of November saw active addresses exceed 11,000, reflecting heightened user engagement during that period.

However, following this peak, the number of active addresses has gradually reduced, stabilizing between 8,000 and 9,000.

This decline indicated a potential cooling of speculative activity or reduced short-term trading interest.

Despite the reduction, the consistent activity levels suggested that core users and long-term participants continue to support the platform. This aligns with increased whale accumulation and steady trading volumes.

The decline also hints at a potential consolidation phase, where reduced participation could set the stage for renewed growth or significant market moves.

UNI targets $12 as buyers defend THIS support level

The four-hour chart for UNI highlighted a bullish structure forming around key support levels.

Uniswap’s price treaded slightly above the 50 EMA of $8.84, the 100 EMA at $8.55, and the 200 EMA at $8.12, which acted as strong support zones.

This positioning indicated that buyers are actively defending these levels, keeping the uptrend intact.

The Accumulation/Distribution Line sat at 54.623M, reflecting steady accumulation as traders increase their positions in anticipation of higher prices.

Meanwhile, the Money Flow Index (MFI) is neutral at 50.19, suggesting that buying and selling pressure are balanced, with room for further upside momentum.

A breakout to the projected target of $12.00 represents a 33% increase from current levels.

The above is the detailed content of Uniswap [UNI] Targets $12 as Whales Defend This Support Level. For more information, please follow other related articles on the PHP Chinese website!