Uniswap price rebounds from crucial support amid whale accumulation, signaling a potential 44% upswing as investors eye bullish momentum.
The investor deposited 2 million USDC into a Kraken account and withdrew the UNI tokens, valued at approximately 1.96 million USD at press time,In addition, the same whale deposited 4 million USDC to Kraken and withdrew 35,983These substantial transactions suggested a higher possibility of a bullish reversal as UNI traded above crucial support levels.. This represented a 1.50% price decline in the last 24 hours and a 1.18% price decline over the past seven days.
At press time, the Relative Strength Index for UNI had a value of 40.52, suggesting the market was approaching oversold conditions. However, there was a proposed 44% surge, targeting a move from $7.991 to approximately $11.57, aligning with the upper boundary of the resistance zone.Moreover, the 50-day Simple Moving Average was $9.699 at press time, which the price has recently crossed below, indicating potential short-term bearish momentum.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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