There has been a significant decline in the cryptocurrency markets in the past 24 hours. Some altcoins have experienced losses of over 5%. UNI Coin is one of them, and investors may be trying to reduce their risks as BTC is preparing for a major breakthrough. So, what price levels can we expect for UNI Coin in the coming days?
The price of UNI Coin dropped to its lowest level of the week at $5.5 today, with a daily loss of 7%. Moreover, it brought the losses for August 2023 to around 17%. On-chain data indicates that whale investors have started to enter the market during this downturn.
Uniswap underperformed in the first half of August 2023. However, with losses nearing 17%, whale investors have become active. Data provided by Santiment shows that UNI whale transactions have increased tenfold this week. The chart below shows that Uniswap recorded only 3 Whale Transactions on August 12th. Remarkably, it reached 38 and 34 Whale Transactions on August 14th and 15th, respectively.
Large transactions allow investors to execute high-volume trades at favorable prices, providing much-needed market liquidity. Furthermore, the presence of whales enhances individual investors’ confidence.
Currently, the price of UNI is dangerously trading below $5.60. Price charts indicate that UNI has lost more than 16% of its market value in the first half of August. As the losses increase, many indicators have started to send oversold signals. For example, NVT decreased by 82% between August 12th and 16th.
This decrease is a typical signal of a recovery, of course, under normal market conditions. If BTC does not enter a major downtrend, the price is likely to increase due to the aforementioned reasons. The $5 support is crucial for the continuation of the bullish outlook. On the other hand, resistance levels at $6.4 and $7 are likely to be tested.
At the time of writing, the price of Bitcoin is at $29,150, and the possibility of interest rate hikes in the upcoming meeting is extremely low. However, US macro data suggested that the Fed may need to tighten further.