UNI, the native token of UniSwap, appears to be struggling and is poised for further price declines as whales and institutions shift their interest. On December 10, 2024, the whale transaction tracker Lookonchain posted on X (formerly Twitter) that a high-profile trading firm, Cumberland, had dumped a significant 989,520 UNI tokens worth $16.73 million.
The firm dumped these substantial tokens on Binance, Coinbase, OKX, and Robinhood. Additionally, the sell-off began shortly after UNI’s price dropped by 10%.
With this, UNI’s sentiment appears to be bearish. Currently, UNI is trading near $16 and has experienced a price decline of 14% in the past 24 hours.
During the same period, its trading volume surged by 15%, indicating heightened participation from traders and investors amid a bearish outlook, which suggests that further price declines are expected in the future.
The recent price decline has brought UNI to the crucial $16 level, which was a breakout point. UNI was expected to retest this level, but the price decline has brought it here sooner than anticipated. Based on expert technical analysis, if UNI holds above $14.90, there is a strong possibility it could soar by 20% to reach the $19.75 level in the coming days.
Conversely, if UNI fails to hold this level and closes a daily candle below $14.90, there is a strong possibility it could drop by 24% to reach the $11.30 level in the coming days.
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