Uniswap (UNI) Price Analysis: Key Level Near $6.60 Suggest Rally to $13.75

• Uniswap (UNI) whale sells 512,440 tokens, realizing $11.64 million loss.
• UNI is trading at $6.60 at the triangle’s lower edge.
• Fibonacci levels show potential rebound or further decline.
• Weekly indicators suggest weakening momentum, and caution remains high.

Uniswap (UNI) saw a major move as whale address 0x3136 finally unloaded 512,440 tokens worth $3.64 million after holding them for almost five years. The entire amount was deposited into Binance, resulting in an $11.64 million loss and confirming roughly a 76% drop from entry.

UNI was originally accumulated by this whale in April 2021, when market conditions looked far stronger. The 512,440 tokens were bought from Binance at an average price of $29.83, valuing the position at $15.28 million. Selling the tokens now closes a long-term, losing position.

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UNI Price Action at a Critical Junction

Uniswap (UNI) sits at a crucial point on the chart, drifting back towards the lower edge of its triangle pattern. With the price near $6.60, traders are watching closely to see if buyers can prevent further decline.

The formation is still on track to reach its crucial Fibonacci supports, which indicate that UNI may take a reversal, but is also experiencing selling pressure at this moment. Crypto analyst CW predicts that UNI will overcome its convergence within the next few days.

 If UNI manages to bounce here, it will encounter resistance at $6.86, then $7.52, and later $8.18. Breaking the 0.618 Fibonacci level near $8.18 would indicate that momentum is shifting back to buyers, as this level has been tough to breach previously. A strong break past $8.18 could unlock access to $9.12 or even the short-term target at $10.50, which corresponds to the larger Fibonacci level.

If bullish momentum continues, UNI’s next rally could reach $13.75, the 1.618 Fibonacci retracement level, showing strong upside potential. Conversely, if UNI fails to sustain itself at its current support around $6.60, its price may dip to $6.05 or even below this level. Everyone is eager to see whether UNI will rally or continue to weaken over the next few days at least.

Indicators Signal Weakening Momentum

The weekly chart shows UNI losing strength as key indicators signal weakening momentum. The RSI hovers around 43, sitting below its moving average, suggesting waning buyer interest. Since UNI’s RSI is below its centerline, UNI is under pressure to move downward. The lack of enthusiasm for UNI is further illustrated by the falling sentiment shown in UNI’s corrections.

The MACD confirms the bearish tone, with the MACD line below the signal line and the histogram showing steady red bars. Although selling pressures are alleviated to some extent, no bullish crossover has occurred yet. Without strong growth in UNI’s cumulative trading volume, its overall market bias for this week remains negative.

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