Uniswap Price Plunges Despite Whale Accumulation
The Uniswap (UNI) token has dropped to $9.37, a decline of more than 23% from its August high. Its market capitalization has consequently decreased to $5.9 billion.
However, data from DeFi Llama reveals that transaction volume on Uniswap reached a record level in August, totaling $143 billion. This figure represents a significant increase compared to the previous month.
Strong Volume Growth for Uniswap
This impressive performance is accompanied by other positive statistics. Uniswap generated more than $273.7 million in fees this quarter, up from $263.8 million in the previous quarter. Additionally, Unichain, Uniswap’s layer 2 network launched in March, performed well in August with over $12.54 billion in dApp activity on its network.
Despite the price drop, whales appear to see potential in the UNI token. They now hold more than 8.77 million tokens, an increase from the 8.26 million in August. “Smart money” investors hold more than 41.6 million tokens.
Meanwhile, exchanges have seen their reserves decrease from 655 million to 645 million tokens.
Technical Analysis: A Rebound on the Horizon?
On the technical front, the chart shows that UNI’s price has fallen to $9.36, sitting in the lower part of its ascending channel. However, the token remains above the 100-day exponential moving average, suggesting a potential rebound toward $13.5.
The liquidity and resistance zone between $15.5 and $12.9 could slow UNI down. Caution is advised in the short term as the price approaches $15. The 4-hour RSI displays a bullish divergence after bouncing from the oversold zone. A rebound is therefore increasingly likely for UNI in the coming days.
In conclusion, although UNI’s price is currently declining, Uniswap’s fundamental indicators remain solid. The continued influx of whales and the impressive network performance suggest that the token could soon begin a rebound. Crypto enthusiasts will certainly be watching UNI’s price evolution closely in the coming weeks.
How to Buy UNI and Other Altcoins on Bitget?
UNI therefore seems poised to jump by nearly 50% in the coming days if it breaks through $10.2.
Here’s a step-by-step guide to buying UNI or other altcoins on Bitget, using GetAgent to optimize your transactions:
- Sign up on Bitget: Create an account on Bitget.com and verify your identity to access all features, including spot trading and withdrawals.
- Deposit funds: Fund your account with fiat currencies (EUR, USD) via bank card, SEPA transfer, or stablecoins like USDT. Bitget offers competitive fees for fiat deposits.
- Access the spot market: Go to the “Spot” section and select your desired pair, such as UNI/USDT, FET/USDT, or DOGE/USDT. Bitget offers a wide selection of altcoins, including those identified by ChatGPT.
- Optimization with GetAgent: Activate GetAgent, Bitget’s AI tool, to analyze market trends in real-time. Configure buying strategies, such as limit orders near the $9.37 support for UNI or when breaking the $12.30 resistance. GetAgent can automate orders to capture rebounds or minimize losses in the face of volatility.
- Place a buy order: Choose a market order for immediate execution or a limit order for a specific price (for example, $9.37 for UNI). Confirm the transaction.
Related topics:
