Uniswap price marks an 11% recovery in 48 hours, boosted by heavy buying among whales
- Uniswap price is among the few cryptocurrencies making a quick recovery, rising to trade at $4.49.
- Investors are preparing to book profits once UNI climbs back up.
- Large wallet holders have been contributing to this accumulation adding $45 million worth of tokens to their supply.
Uniswap price is observing a quick recovery, resulting in the altcoin emerging as a much better-performing cryptocurrency than the likes of Bitcoin and Ethereum. The cryptocurrency is enjoying support from the biggest factor in any price rise, the investors who have been bullish on UNI despite the circumstances.
Uniswap price notes an uptick
Uniswap price has registered a relatively huge, nearly 11% rise in the last 48 hours and is continuing to rally. The reason why an 11% increase is noteworthy is that, at the moment, the crypto market is cooling down from the crash observed last weekend. This has led to most of the topmost performing digital assets noting no major moves since June 11, including Bitcoin, Ethereum, Cardano and more.
Trading at $4.5 at the time of writing, the altcoin is aiming toward the resistance level marked at $5.0, coinciding with the 50-day Exponential Moving Average (EMA). Flipping this barrier into a support floor would undo the damage suffered in the last few days and also set the coin up for rising further toward the 200-day EMA at $5.8.
UNI/USD 1-day chart
However, this would only be achievable if the altcoin were to continue to receive the kind of support from investors it has enjoyed over the last few days. UNI holders have been actively buying and accumulating tokens throughout the last week, taking nearly 2.5 million UNI off the market despite the selling.
 [21.38.20, 14 Jun, 2023]-638223638898606336.png)
Uniswap supply on exchanges
The biggest contributors to this buying were large wallet holders who have been adding more UNI to their balances. Cohorts holding between 100,000 to 1 million UNI tokens, along with the addresses holding 1 million to 10 million UNI, have amassed close to 11 million UNI worth nearly $50 million.
 [21.38.30, 14 Jun, 2023]-638223639155681139.png)
Uniswap supply distribution
Such moves from investors will keep Uniswap price heading upward until the recent losses have been covered. Given the current conditions of the market, this could take a while, provided the crypto market does not crash again.
Author
Aaryamann Shrivastava
FXStreet
Aaryamann Shrivastava is a Cryptocurrency journalist and market analyst with over 1,000 articles under his name. Graduated with an Honours in Journalism, he has been part of the crypto industry for more than a year now.
