UNI Price at Risk as Whale Dumps $16.7M Worth of Tokens
UniSwap’s native token UNI appears to be in trouble and is set to fall further in price as whales and institutions shift interest. On December 10, 2024, whale transaction tracker Lookonchain posted on X (formerly known as Twitter) that Cumberland, a well-known trading company, dumped 989,520 UNI tokens worth $16.73 million.
The company dumped these large amounts of tokens to Binance, Coinbase, OKX, and Robinhood. Furthermore, the sell-off began shortly after UNI dropped 10% in price.
UNI Current Price Momentum
From this point of view, the mood of UNI seems to be more pessimistic. Currently, UNI is trading near $16, with the price down 14% in the past 24 hours.
Its trading volume surged 15% during the same period, indicating increased participation from traders and investors amid the bearish outlook, which suggests further price declines are expected in the future.
UNI Technical Analysis and Upcoming Levels
The recent price decline has brought UNI to the key $16 level, which is a breakout point. UNI was expected to retest this level, but the price decline reached it earlier than expected. According to expert technical analysis, if UNI holds above $14.90, it is likely to surge 20% to $19.75 levels in the coming days.
On the contrary, if UNI fails to hold this level and closes the daily candle below $14.90, it is very likely that it will fall by 24% to $11.30 levels in the coming days.
