Why the Uniswap price could be a token whales are still interested in hodling

  • Uniswap price is down by 25% on the month.
  • On-chain metrics show the largest amount of withdrawals from all exchanges this year occurred on November 13
  • Invalidation of the bullish thesis remains a breach below $4.60

Uniswap price shows optimistic signals as the third trading week goes into the weekend. One last exit-liquidity pump is possible for the decentralized dex token. Key levels have been defined to gauge UNI's next potential move.

Uniswap Inu price could make a move.

Uniswap price is worth keeping on your watchlist if you are looking for opportunities in the crypto market. Between June 14 and August 12, Uni swap produced a 200% rally. After the pump, the Ethereum-based swap token dipped 50% and has since traded within a range throughout the fall. The UNI price has made subtle strides higher within the newly established range. The stair-stepping price action could become the catalyst of a much larger rally towards $10 and potentially the $12.50 liquidity zone. 

Uniswap price currently auctions at $5.84. Glasnode's Exchange Withdrawals compounds the idea that UNI could witness a pump as the largest uptick in withdrawals on all exchanges has occurred this year. According to the indicator, 1,656,000 transfers were made on November 13. The last time the indicator portrayed these comparable metrics was in September of 2021 when UNI traded at $20 just days before rallying 20% to $25.  As the FTX disaster sheds light on centralized exchanges and their inefficiencies, Uniswap and decentralized tokens like it could be a temporary play for an influx of buying interest and liquidity in the coming weeks. 


Glassnode's Exchange Withdrawals Indicator

Invalidation of the bullish outlook is possible if the bears tag the liquidity below $4.60. A sweep of the lows could induce an additional sellers' frenzy targeting the liquify levels from 2020 near $3. Uniswap price would decline by 45% if the bears were to succeed. 

In the following video, our analysts deep dive into the price action of Uniswap, analyzing key levels of interest in the market. -FXStreet Team


Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Join Telegram

Recommended content

Recommended Content

Editors’ Picks

Could USDT depeg following recent accusations from Consumers' Research?

Could USDT depeg following recent accusations from Consumers' Research?

A digital billboard accusing Tether of corruption was featured in Times Square. Historically, stablecoins often depeg following controversies surrounding respective parent companies. Tether recently launched a new synthetic dollar backed by gold.

More Cryptocurrencies News

Ethereum Layer 1 and 2 monthly active users surpass 25 million milestone amidst crypto bloodbath

Ethereum Layer 1 and 2 monthly active users surpass 25 million milestone amidst crypto bloodbath

Monthly active users on Ethereum chain’s Layer 1 and 2 projects have crossed 25 million per Token Terminal data. Despite the rise of Ethereum’s competitors like Solana, with the meme coin narrative, Ether remains relevant among traders. 

More Ethereum News

ZKsync token faces massive sell-off following launch

ZKsync token faces massive sell-off following launch

A report from Nansen on Tuesday revealed that the top 10,000 wallets that were airdropped ZKsync's newly launched ZK token have begun selling their holdings. The price of ZK has dropped 34.5% since its inception after nearly half of the top wallets that received its airdrop on Monday sold all of their allocation.

More ZKsync News

Global Ethereum ETFs experience surge in net inflows as Hashdex files for combined spot ETH and Bitcoin ETF

Global Ethereum ETFs experience surge in net inflows as Hashdex files for combined spot ETH and Bitcoin ETF

Ethereum is down 3% on Tuesday as Hashdex submitted a market-weighted crypto ETF to the SEC, aiming to track the price of ETH and Bitcoin. Global investors have also increasingly purchased ETH ETFs amid declining exchange reserves.

More Ethereum News

Bitcoin: Has BTC found a local price bottom?

Bitcoin: Has BTC found a local price bottom?

Bitcoin (BTC) price looks set for a mild fall this week, weighed by slight outflows in the US spot ETFs and the US Fed keeping a hawkish interest-rate outlook despite easing inflation. Technical indicators suggest that BTC could face a further 5% correction in the short term before resuming the uptrend.

Read full analysis