cryptonewsz.com
The cryptocurrency market records dampened volatility during Tuesday’s U.S. market session as BTC remains sideways at $95,000. The consolidation has stalled recovery momentum in most major altcoins, including $UNI. However, a potential for prolonged downfall looms over Uniswap price amid institutional selling.
According to Coingecko, the $UNI price trades at $14.16 with an intraday gain of 1.07%. Meanwhile, the asset’s market cap holds at $8.4 Billion, and the 24-hour trading volume is at $1.35 Billion.
Key Highlights:
- A cup and handle drive a current recovery trend in Uniswap price.
- The $17 stands as the next stands as next key resistance for crypto buyers
- Variant Fund transfer of 1.23 Million $UNI tokens to exchange could lead to market selling
Variant Fund’s $UNI Transfers Signal Bearish Outlook for Uniswap Price
According to EmberCN, Variant Fund, a prominent crypto venture capital firm, transferred 1.2322 million $UNI tokens (valued at $17.14 million) to Coinbase Prime in a single transaction.
Over the past 26 days, the firm has cumulatively moved 3.6966 million $UNI tokens worth $44.57 million, averaging a transfer price of $12.05 per token.
Variant has been a key investment institution in Uniswap, initially receiving an allocation of 1.6 million $UNI in September 2020. The firm also strategically withdrew 774,000 $UNI tokens from FTX in May 2022, securing them at a favorable price of $5.65 per token.
又一波 $UNI 机构筹码的换手：加密风投 @variantfund 在 10 小时前将 123.22 万枚 $UNI ($17.14M) 转进了 Coinbase Prime。
他们在最近 26 天里一共向 Coinbase Prime 转移了 369.66 万枚的 $UNI ($44.57M)，转移均价 $12.05。Variant 是 Uniswap 的投资机构之一，他们在 2020/9 获得 160 万枚 $UNI… pic.twitter.com/11v4DYTEPv
— 余烬 (@EmberCN) December 3, 2024
A large volume transfer to exchanges could lead to offloading the asset in the open market, potentially driving downward pressure on the $UNI token. This transaction also hints institutional belief that Uniwap price may struggle to drive a sustained uptrend ahead.
Cup and Handle Pattern Signals $UNI’S Next Bullish Move to $30
Since last month, the Uniswap price recorded a massive rally from $6.6 to 14.4, accounting for a 118% surge. A notable spike in trading volume hints at sustained recovery that could be another 18% jump to challenge the $17 resistance.
The aforementioned level is the neckline for the bullish reversal pattern calling cup and handle. The chart setup resembles a teacup, projecting a long accumulation trend before a major breakout.