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Uniswap

Is Uniswap (UNI) Ready For Breakout? This Analyst Thinks So

Keshav Verma
by Keshav Verma
1 year ago
·
Posted in Altcoin News
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure

An analyst has explained, using different on-chain indicators, how Uniswap (UNI) could be gearing up for a price breakout.

Uniswap Metrics May Point That A Rally Could Be Brewing Up

In a new post on X, analyst Ali has discussed the outcome that UNI may face based on some underlying metrics. The first indicator of relevance here is the number of addresses carrying their tokens with a net amount of unrealized loss.

Here is a chart that shows the trend in this Uniswap metric over the last few years:

Uniswap Loss

The value of the metric seems to be at significant levels at the moment | Source: @ali_charts on X

From the above graph, it’s visible that around 308,910 Uniswap addresses or investors are underwater right now. This is equivalent to about 87.56% of the cryptocurrency’s entire user base.

Related Reading: R. Kiyosaki Reiterates Bitcoin Potential Amid ‘Greatest Crash’ Warning

Generally, the more investors profit, the higher the chance of a selloff, as holders get tempted to realize their profits. A high amount of holders being in loss, on the other hand, could imply an exhaustion of sellers in the market.

As there is an extreme amount of Uniswap addresses in the red currently, the selling pressure may have already run out. Thus, the asset may be unlikely to decline, at least for now.

While the market is currently overwhelmingly underwater, Ali notes that the number of large UNI transactions is picking up.

Uniswap Whale Transactions

Looks like the value of the metric has been high in recent days | Source: @ali_charts on X

The “large transactions” here refer to the transfers valued at least $100,000. As only the whales and institutional entities are capable of moving such large amounts in single transactions, the number of them can provide hints about how active these humongous holders currently are.

The fact that these investors have suddenly started making a relatively high number of transfers recently may indicate that they are interested in the asset at its current price level. “They may be investing or positioning themselves before Uniswap breaks out,” explains the analyst.

Ali has also pointed out how the current UNI prices have a strong on-chain support wall below them.

Uniswap Support

The various support and resistance levels of the coin on the basis of on-chain data | Source: @ali_charts on X

In on-chain analysis, support and resistance levels are defined based on how many addresses/investors bought at them. As is visible in the chart, the range just below the current UNI prices is packed with holders, implying that should the asset retests them, it could feel buying pressure.

Related Reading: Bitcoin Mining Difficulty Hits New ATH, Sees Fourth Straight Uplift

“Even though Uniswap built a key support floor at $4, there are 2 supply walls it needs to overcome to signal a bullish breakout,” says Ali. “One is at $4.23, where 7,000 addresses bought 14.24 million UNI, and the other is at $4.45, where 2,000 addresses hold 10.28 million UNI.”

UNI Price

Uniswap has been consolidating around the $4 level for a while now, unable to find upward breaks.

Uniswap Price Chart

UNI has been moving sideways in the last few weeks | Source: UNIUSD on TradingView
Featured image from Shutterstock.com, charts from TradingView.com, IntoTheBlock.com
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Keshav Verma

Keshav Verma

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Keshav is a Physics graduate who has been employed as a writer with Bitcoinist since June 2021. He is passionate about writing and through the years, he has gained experience working in a variety of niches. Keshav holds an active interest in the cryptocurrency market, with on-chain analysis being an area he particularly likes to research and write about.

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