- Uniswap’s ballistic uptrend is supported by increasing buying pressure from whales.
- Large volume owners who own between 100,000 and 10 million UNI are up 18% in the last 30 days.
- UNI needs to break immediate resistance and hold above $ 13 to avoid losses against the 50 SMA.
Uniswap hit new all-time highs, topping $ 13. As mentioned earlier, the next target is at $ 15 and may be tested soon after the sustained rally after confirming support at $ 10.7. According to Santiment, an increase in whales amplifies the tailwind behind the crypto.
Uniswap is maintaining the uptrend after bouncing off support
At the time of writing, UNI / USD is trading at $ 12.6 after the support recently formed at $ 10.7 recovered slightly but steadily. The moving average convergence divergence (MACD) suggests a sustained uptrend. Until the MACD (blue line) crosses the signal line, Uniswap maintains the uptrend.
UNI / USD 4 hour chart
Uniswap whales fill their pockets massively
Uniswap has yet to hit the local top in terms of on-chain metrics. Santiment, a behavioral research platform, has indicated an increase in the number of new whale addresses holding between 100,000 and 10 million UNI.
The newly created addresses have been increased from 131 on December 31st to 160 at the time of writing, an increase of 18%. This is a significant increase and implies that the buying pressure is increasing in the balloon. If the trend stays intact, Uniswap can continue the rally by rising above $ 15 first and then shifting focus to $ 20.
Uniswap holder distribution
Look at the other side of the picture
It’s worth noting that if Uniswap doesn’t suppress the resistance at $ 13, a breakdown may come into play. Support is expected at $ 10.7, but if it doesn’t work, Uniswap could free-fall test the 50 Simple Moving Average on the 4-hour chart or the 100 SMA, just over $ 8.