On February 7th, Friday, the crypto market showed a slight uptick following the lower-than-expected U.S. jobs number. As a result, the pioneer cryptocurrency Bitcoin teases a breakout of $100k, recuperating the bullish momentum in the altcoin market. Amid the anticipated rally, Uniswap price shows potential for sustained recovery as backed by a surge in whale accumulation.
Key Highlights:
- A six-month-long support trendline drives the current uptrend in Uniswap price.
- The UNI coin is witnessing renewed bullish momentum at $8.9, a support level backed by an ascending trendline and a 78.6% Fibonacci retracement level.
- Lookonchain data highlights active whale accumulation after a 50% correction from 2024’s peak.
Whale Scoops Up $15.54M Worth of UNI Amid Market Dip
Over the past two months, the Uniswap price displayed a sharp V-top reversal from $19.4 to $9.1, accounting for 53%. This discounted value has garnered the interest of crypto whales, bolstering the asset’s potential for a bullish reversal.
According to on-chain data from Lookonchain, the whale has withdrawn a staggering 1.7 million UNI tokens, valued at approximately $15.54 million, from Binance.
The whale’s frequent withdrawals suggest a strong bullish sentiment on Uniswap (UNI), potentially signaling a strategic accumulation phase.
Uniswap Price Eyes Recovery as Bulls Defend Key Support Levels
In February’s first week, the Uniswap price showcased strong resilience against recent market volatility, sustaining above the $8.7 level. This consolidation witnessed renewed bullish momentum from the long-coming support trendline and the 78.6% FIB level.
Since August 2024, the ascending trendline has provided suitable support for UNI Buyers. Meanwhile, the 78.6% FIB has historically remained a key reversal point in post-rally corrections.
Amid whale accumulation, the Uniswap price shows higher potential for recovery and could chase higher levels s uch as $12.7, $15.6, and $19.5.
On the contrary, a breakdown below the lower trendline with a weekly candle closing will invalidate the bullish thesis to trigger a major downfall.
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