Overview
The cryptocurrency sphere is currently under immense pressure as Uniswap’s UNI token grapples with substantial selling forces.
Key Points:
- The UNI token has steeped downward by 5.59% in just 24 hours, dropping from $6.658 to $6.286 amid significant market fluctuations.
- Major institutional wallets transferred more than 11.65 million UNI tokens (valued at $82.38 million) to Coinbase Prime, following an earlier deposit of 9 million tokens two weeks ago.
- Uniswap has launched one-click swap functionality for smart wallets in line with EIP-5792 support, aiming to enhance user experience despite the turbulent market.
Market Activity
Recent behaviors in the cryptocurrency market indicate severe turbulence with Uniswap’s UNI token undergoing rapid declines. It faced a critical hurdle at $6.780, with several periods of high sales pressure causing it to break beneath essential support levels, as per the insights from CoinDesk Research’s data model.
Technical Analysis Insights
- The UNI-USD exchange rate fell from $6.658 to $6.286, equating to a 5.59% loss over the last 24 hours.
- A prominent resistance level was established at $6.780 during peak trading volume.
- Notable selling activity was observed during peak trading times early in the morning and later in the day.
- The price subsequently dropped below the crucial $6.30 support threshold during significant sell-offs.
- Over the recent hour, UNI saw drastic price swings, having plummeted dramatically before stabilizing momentarily.
Conclusion
This volatility raises concerns as institutional entities unload substantial UNI holdings into centralized exchanges, indicating a more bearish mood within the market atmosphere.
