UNI, the native token of UniSwap, is facing challenges as whales and institutions shift their focus, leading to potential further price declines. Recently, on December 10, 2024, the whale transaction tracker Lookonchain revealed on X (formerly Twitter) that Cumberland, a prominent trading firm, had sold off a substantial 989,520 UNI tokens valued at $16.73 million.
The significant token dump took place on various platforms including Binance, Coinbase, OKX, and Robinhood, coinciding with a 10% drop in UNI’s price. This sell-off has contributed to a bearish sentiment surrounding UNI, with the token currently trading around $16 and experiencing a 14% decline in the last 24 hours. The surge in trading volume by 15% indicates increased activity from traders and investors in light of the bearish outlook, hinting at potential further price decreases in the near future.
Technical analysis suggests that UNI has reached a critical level at $16, which was previously a breakout point. While the token was expected to retest this level, the recent price decline accelerated the process. Experts predict that if UNI manages to hold above $14.90, there is a strong possibility of a 20% increase, pushing the price to $19.75 in the coming days.
However, if UNI fails to maintain this level and closes below $14.90 on a daily candle, there is a high likelihood of a 24% drop, bringing the price down to $11.30 in the near future. Traders and investors are advised to closely monitor UNI’s price movements and key support levels to make informed decisions in this volatile market environment.
Overall, UNI’s current price momentum suggests a bearish outlook, with potential for further declines as whales and institutions continue to influence the market. It is essential for market participants to stay vigilant and adapt their strategies accordingly to navigate the uncertainties in the cryptocurrency landscape.