Bittime - Uniswap (UNI) price may have ended its sharp decline on April 13 and is now entering a new bullish (rising) phase. Is this a sign that the DeFi season is approaching? The answer is in this article!
Uniswap token (UNI) has recovered 22% from its recent low, up $8 in 10 days. On-chain data shows whales are taking action and withdrawing UNI tokens from exchanges at a higher rate.
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Once a leader in the DeFi (Decentralized Finance) sector, Uniswap could again lead a new DeFi rally (price increase), as there is great interest in other cryptocurrencies in this sector.
Uniswap (UNI) Fundamentals
According to Spot On Chain, a “whale” recently withdrew 121,871 UNI tokens, worth about $954,000, from Binance. This indicates they have no intention of selling in the near future, which is generally a bullish indicator for the token price.
Also read: Understanding Uniswap (UNI), a revolutionary DeFi platform
This withdrawal comes after UNI experienced a sharp decline below $6 on April 13. This follows an announcement by the United States Securities and Exchange Commission (SEC) of a potential lawsuit against Uniswap Labs.
Despite the negative sentiment surrounding UNI, investors are using this opportunity to "hoard" the token.
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At the recent low on April 15, more than 1.09 million UNI were withdrawn than deposited, indicating accumulation. In the following days, this metric hovered around zero but is now back to negative on Saturday, April 22.
Uniswap's Total Value Locked (TVL) also increased 138% in the last 30 days, reflecting growing trust and investment in the protocol. This increase in TVL indicates that UNI price could approach its historical high if the trend continues.
Also read: UNI: Governance Token from Uniswap, the Most Popular DEX
DeFi Season Coming Soon?
The whale also withdrew Compound (COMP) tokens from Binance, signaling broader interest in DeFi tokens. This sector has not been a significant narrative in the current market cycle.
Currently the crypto narrative is dominated by memecoins, Real World Assets, and AI tokens. However, recent moves could signal a shift.
With most tokens considered DeFi showing positive trends and the sector's overall market cap increasing by 1.74%, we may see this narrative develop.
Uniswap (UNI) Price Analysis
Source: Bittime
Currently, UNI tokens are trading at IDR 130,810 or around $8. In the last 24 hours, this DeFi token experienced a price decline of 1.07%.
UNI hit a year-to-date high of $17 on March 5 from a low of $5.60 on January 24. This is most likely the end of impulse wave five that started at $3.80 on October 19 last year.
A 62% decline occurred, with the price falling below the $6.50 support level on April 13. The price fell further, leaving the wick on the daily chart and moving to where its last rise began.
Because it found support at the 0.786 Fibonacci retracement, a 26% recovery occurred. The Relative Strength Index (RSI) on the daily chart indicates overbought conditions and a potential price bottom. It's the same as the previous times when it reached this level.
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If UNI's correction phase ends on April 13, this could be the start of a more significant rise. However, further confirmation is needed before it can be confirmed.
If the rally continues and pushes the price back above $10, it could be a sign that UNI is now entering a new bullish phase that could take the price to new highs this year.
How to Buy Uniswap (UNI) on Bittime
You can buy and sell Uniswap (UNI) in an easy and safe way via Bittime. Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti.
Uniswap (UNI) is available on Bittime with the market pair UNI/IDR. To be able to buy UNI IDR at Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of assets on Bittime is IDR 10,000. After that, you can purchase crypto assets in the application.
Learn the complete guide on how to buy Uniswap (UNI) on Bittime.
Monitor the price chart movements of Uniswap (UNI), Bitcoin (BTC), Ethereum (ETH), Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime.
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DISCLAIMER: This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.
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