Amber Group Buys $11M UNI: Will Uniswap Crypto Price Hit $11 Now?

Uniswap crypto (UNI) has been among the altcoins that have real utility. As a result, it has not been hit as hard by the recent price downturn. However, the altcoin remains around the key buy zone, which is backed by the bottoming pattern.

The activity by whales suggested that the sentiment could be changing and could push the prices up. The unification factor that will be launching on Unichain could further fuel the upward trajectory if it were to happen.

As DeFi tokens attempt to maintain market dominance, UNI crypto is proving to be one to watch. However, are these fundamentals enough to spark a market rebound?

Amber Group Goes Long on Uniswap Crypto

Major institutions were loading up their holdings for Uniswap crypto at an accelerating rate after a key price pattern. The on-chain wallet linked to Amber Group was reported by Lookonchain. It made a significant UNI crypto purchase in the last three days.

Amber Group purchased about 1.41 million UNI tokens valued at $11 million when writing. The wallet transferred 1.39 million UNI worth $10.98 million.

It moved the funds to Coinbase Prime for self-custody. This transaction was bullish in nature, as capital inflow from institutions or whales tends to drive crypto prices up.

The wallet acquired the tokens from different exchanges, including OKX, Gate.io, and Binance. The withdrawal from the centralized exchanges was a hint of confidence from these big holders and potential drivers of price.

It remains unclear if this capital was enough. The question is whether it could push the Uniswap crypto price to its next target. This uncertainty is stronger after the bottom pattern.

Uniswap Crypto Price Prediction: Is the $11 Sell-Wall the Next Target?

On the charts, Uniswap crypto price stabilized and formed a potential reversal point just above the $7 zone. The pattern came in the form of a double bottom on the 4-hour chart. However, it was yet to be confirmed by breaking above the neckline.

The neckline was around the $8 zone, and a breach of this level would mean the next problematic area was at $11. At the same time, the $10 psychological level remained a point of interest. This could be used by sellers to influence price.

Other sell walls were located above $12 and remained within reach. Failure to break above the neckline would invalidate the potential road to $10 or higher. This would subject the altcoin to a bear market with potential turning points at $4.85, $5.70, and $6.50.

However, putting the whale activity in action, particularly Amber Group, which was an institution, Uniswap could hold this potential bottom. Volume was starting to grow gradually after the gesture from institutions.

Usually, retail and professional traders who are profitable follow the actions of these big players. What else could then fuel the price of UNI up, apart from whales?

Will Unification Fuel More Momentum?

The protocol was launching the UNIFICATION factor, which looked to capitalize on fees for buybacks and burns. This would therefore control the circulating supply, and analysts see that the altcoin cannot escape a supply shock. If met with demand, then UNI could rally.

The impact of the looming strength in Uniswap crypto was evident as the UNI/BTC pair was trending high. This indicated Uniswap was stronger than BTC currently; thus, its price was rising.

Altogether, Uniswap crypto was setting up for a rally. Also, its price action structure had hinted at the double bottom pattern.

The UNIFICATION factor, together with whale activity, could further push the price higher. However, it was key to note that the entire crypto market was bearish.