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A whale by the name of stevu.eth deposited 200K Uniswap (UNI) to the cryptocurrency exchange OKX to take profits, according to a tweet posted earlier today by the on-chain analytics platform Lookonchain. On Saturday, this whale withdrew 500,545 UNI, worth approximately $2.46 million, from OKX when the price of the altcoin stood at $4.92.
stevu.eth deposited 200K $UNI ($1.29M) to #OKX to take profits.
— Lookonchain (@lookonchain) August 1, 2023
stevu.eth withdrew 500,545 $UNI ($2.46M) from #OKX on June 29, when the price was $4.92.
Based on the current price, his profit is ~$764K.
stevu.eth currently holds 300,545 $UNI($1.94M).https://t.co/g8bNsGJBiR pic.twitter.com/URrlnmSqNh
Lookonchain also pointed out that, based on the current price of UNI, the whale’s latest move earned him an estimated profit of $764K. It is worth keeping in mind that this whale still holds more than 300K UNI, worth about $1.94 million.
With regards to what UNI has been up to in the short term, CoinMarketCap indicated that UNI experienced a slight setback with its price falling by 1.20% over the past day of trading. This brought its value to $6.44 at press time.
However, despite this dip, UNI managed to strengthen against both Bitcoin (BTC) and Ethereum (ETH) by approximately 0.22% and 0.53% respectively. Moreover, UNI’s performance over the past week remains firmly set in the green zone with a growth of 12.55%.
From a technical standpoint, UNI was attempting to overcome the resistance level at $6.680 at press time. Should it succeed in breaking above this level, and close today’s trading session above this mark as well, then it will have a clear path to rise to the next major resistance level at $7.50 in the following week.
However, if UNI’s price is unable to close a daily candle above $6.680 within the next 48 hours, then it may undergo a pullback — potentially bringing the altcoin’s price down to $6.050. Should there be an overwhelming amount of sell volume at this point, UNI may even fall below $6.050 and possibly drop to $5.80 in the following couple of days.
One thing to note is that short-term and medium-term momentum was in favor of bulls at press time. The 9-day EMA line was positioned bullishly above the 20-day EMA line. Furthermore, both of these technical indicators were positioned above the 50-day EMA line, which suggested that UNI was in a positive medium-term trend.
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