fxstreet.com 17 Feb, 2021 13:45 am

UNI at risk of falling towards $14 as whales go into a selling frenzy

Uniswap has been trading inside a strong uptrend since December 2020. However, in the past week, there has been a significant shift in momentum in fav

Uniswap price is contained inside an ascending parallel channel on the 4-hour chart.Uniswap price must defend key support level to avoid a 25% fall On the 4-hour chart, Uniswap established an ascending parallel channel with a key support trendline at $19.Losing this level will push Uniswap price down to $14.UNI/USD 4-hour chart The number of whales holding between 1,000,000 and 10,000,000 UNI tokens ($20,000,000 and $200,000,000) has sharply declined from 66 on February 13 to only 63 now, indicating that large holders have exited their positions as they believe Uniswap price could decline even more.

Currently, Uniswap price faces two critical resistance points at the 100-SMA and 50-SMA levels on the 4-hour chart.UNI/USD 4-hour chart Climbing above both resistance levels and establishing them as support can quickly push Uniswap price up to $22.

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