Amid the recent market recovery, the Uniswap price<\/a> correction managed to stabilize above $7.5 support. While the price trajectory is still sideways, the long-tail rejection in the daily chart shows buyers are preventing major correction. An analysis of the daily chart shows ongoing correction assists in the formation of a bullish continuation pattern called a symmetrical triangle. Should you buy this dip?<\/span><\/p>\n Also Read:\u00a0Germany\u2019s Bitcoin Holdings Drop to 15,100 In Recent Sell-Off<\/a><\/p>\n <\/p>\n UNI<\/a>, the native cryptocurrency of decentralized crypto exchange has recorded an aggressive correction in the past three weeks. From the $11.96 swing high, the coin price fell 43.7% to hit a low of $6.76.<\/p>\n The falling price managed to find suitable support at the lower trendline of the symmetrical triangle. This chart pattern has been guiding a sideways trend in UNI token since early March allowing to recuperate bullish momentum for higher rally.<\/span><\/p>\n The altcoin rebounded thrice from the bottom trendline indicating a crucial accumulation point for dip buyers. The Uniswap<\/a> token currently trades at $8.05, hovering above the triangle pattern to bolster its next jump.<\/span><\/p>\n<\/blockquote>\n <\/p>\n Also Read: Bitcoin Price Analysis As BitMex Witnesses Second Largest BTC Outflow<\/a><\/p>\n In a significant on-chain activity observed by Lookonchain, a whale or institutional investor spent 2 million USDC to acquire 243,198 UNI tokens. The investor strategically deposited 2 million USDC into a Kraken account earlier today prior to the transaction and subsequently withdrew the UNI tokens, valued at approximately 1.96 million USD, from Kraken just 50 minutes before Lookonchain\u2019s report.\u00a0<\/span><\/p>\n The whale\/institution spent 2M $USDC<\/a> to buy 243,198 $UNI<\/a> again.<\/p>\n He deposited 2M $USDC<\/a> to #Kraken<\/a> 7 hours ago and withdrew 243,198 $UNI<\/a>($1.96M) from #Kraken<\/a> 50 minutes ago.https:\/\/t.co\/WsgHzYCDv9<\/a> pic.twitter.com\/cFrmGPEZw6<\/a><\/p>\n \u2014 Lookonchain (@lookonchain) July 10, 2024<\/a><\/p>\n<\/blockquote>\n Adding to this, the same whale deposited 4 million USDC to Kraken and withdrew 35,983 AAVE (valued at 3 million USD) and 123,183 UNI (valued at 1 million USD). These heavy transactions as UNI price trades above crucial support indicate a higher possibility of bullish reversal.<\/span><\/p>\n <\/p>\n The potential upswing could propel the asset by 26% before challenging the resistance trendline of the triangle pattern. An upside breakout from the overhead trendline will signal the continuation of the uptrend and bolster buyers to retest the $17 high.<\/span><\/p>\n Technical indicator<\/span><\/p>\n <\/p>\n \n \t A symmetrical triangle is a chart pattern used in technical analysis that indicates a period of consolidation before the price is expected to breakout or break down. <\/p>\n<\/p><\/div>\n<\/p><\/div>\n \n \t A ‘whale’ refers to an individual or organization that holds a sufficiently large amount of a cryptocurrency to influence market prices.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n \n \tThe Average Directional Index (ADX) is a technical analysis indicator used to quantify the strength of a trend.<\/p>\n<\/p><\/div>\n<\/p><\/div>\n<\/section>\n Related Articles<\/p>\n <!– <\/p>\n –><\/p>\n \u2713 Share:<\/p>\n <\/a><\/p>\n <!– <\/p>\n <\/p>\n <\/a><\/p><\/div>\n<\/p><\/div>\nUniswap Price Analysis: How the Triangle Pattern Could Signal Next Recovery Wave<\/b><\/h2>\n
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