- Uniswap traders, bless their over-leveraged hearts, were clinging to the $9.57 level like it was the last lifeboat on the Titanic. Meanwhile, the $9.73 level was equally overrun with optimists.
- On-chain metrics, ever the gossip, revealed that exchanges have bid adieu to $3.10 million worth of UNI tokens. A dramatic exit, indeed.
Uniswap [UNI] holders, brace yourselves. The market is as uncertain as a cat in a room full of rocking chairs. The token has reached a critical juncture, and it’s either going to be champagne or tears from here on out.
At the time of writing, UNI has taken a 2.25% nosedive in the past 24 hours, flirting with the $9.60 level like a nervous suitor.
Despite this, traders and investors have shown the kind of enthusiasm usually reserved for a free bar, resulting in a 70% jump in trading volume. Cheers to that! 🥂
Investors Withdrew $3.10 Million Worth of UNI
Data, that ever-reliable tattletale, shows that the rise in participation seems to be favoring the asset. Traders and investors are accumulating and betting on the long side, according to the on-chain analytics firm Coinglass. Spot Inflow/Outflow data reveals that exchanges across the crypto landscape have witnessed consecutive outflows, indicating potential token accumulation. In the past 48 hours, exchanges have recorded an outflow of $3.10 million worth of UNI tokens, at press time.
Experts and investors see these exchange outflows as a bullish sign and believe they could create buying pressure and further upside momentum. Because, of course, nothing says “bullish” like a mass exodus. 🐂
$5.4 Million Worth Long Bet
Besides the interest and confidence of long-term holders, intraday traders are following the same trend, according to Coinglass data. At press time, traders holding long positions dominated the asset, being over-leveraged at the $9.57 level with $5.4 million worth of long positions. Conversely, the $9.73 level is another over-leveraged level where traders holding short positions accumulated $1.15 million worth of short positions.
Long and short traders’ over-leveraged positions indicate the dominant side and which side could be liquidated more easily if the UNI price moves. It’s a high-stakes game of chicken, and someone’s about to get plucked. 🐔
Traders and investors are making bullish moves, driven not only by the recent price drop but also by the recent price action. Because nothing says “bullish” like a price drop, right? 🙃
Uniswap Price Action and Key Levels
According to AMBCrypto’s technical analysis, UNI has formed an ascending triangle pattern and is currently finding support from a trendline. This ongoing support from traders and investors suggests that UNI could hold this ascending trendline support and stay above the $9.55 level. If this happens, there is a strong possibility that the asset could soar by 30% to reach the $12.60 level.
If UNI fails to sustain this level and closes a four-hour candle below $9.45, it could drop by 15%. This would bring the price down to $8.15 in the future. So, it’s either champagne or tears, darling. Choose your poison. 🍾😢
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2025-02-18 18:19