Could this move from 1Inch affect Uniswap prices

by ChainChirp
0 comment

  • Over 400,000 UNI tokens had been lately offered off.
  • UNI has continued to say no and trades beneath $5.

The 1Inch Funding Fund obtained Uniswap [UNI] tokens just a few months in the past and has now chosen to promote its whole holding. Will this have any impact on the UNI pattern?

1Inch offloads its Uniswap holdings

As reported by Spot on Chain, the 1Inch Funding Fund offered off its Uniswap holdings on seventeenth November. The tracked pockets revealed the sale of all the stash, consisting of 416,924 UNI tokens valued at round $213 million.

The tokens had been offered at a mean worth of $5.11. Apparently, the pockets had beforehand bought some UNI tokens in February, buying 299,849 tokens price round $2 million at a mean worth of $6.67.

The current sell-off suggests the potential of a loss on this funding.

The way it impacted the move of Uniswap on exchanges

Whereas not reaching the degrees noticed earlier within the month, the inflow of Uniswap tokens into exchanges has lately skilled a noticeable improve.

An examination of the influx chart by AMBCrypto revealed a discernible uptrend within the quantity of UNI tokens coming into exchanges. As of this writing, the amount of UNIs flowing into exchanges was over 973,000. 

Uniswap exchange inflow volume

Supply: Glassnode

Additionally, an outflow evaluation indicated that over 803,000 tokens had been leaving exchanges. This steered that the influx quantity was solely barely greater than the outflow.

In different phrases, there have been extra gross sales than withdrawals from exchanges, albeit by a small margin. Notably, the sell-off by the 1Inch Funding Fund didn’t considerably impression the move of UNI tokens.

See also  Ethereum’s ‘quiet time’ should not be taken for weakness: Analysts

UNI retains dipping

AMBCrypto’s evaluation of the every day timeframe chart for Uniswap revealed a persistent unfavourable pattern. The chart displayed a steady downtrend over the previous three days.

On the time of this report, Uniswap was buying and selling at round $4.9, reflecting a lack of over 2%. This present decline contributed to a complete lower in worth of greater than 7% over the past three days.

UNI/USD price move

Supply: TradingView

How a lot are 1,10,100 UNIs worth at the moment

Moreover, the chart indicated that the value pattern was now falling beneath its long-moving common (blue line). Initially functioning as assist, the breach beneath the blue line signaled a weakening bull pattern.

Moreover, the Relative Power Index (RSI) corroborated this commentary by indicating a decline within the bull pattern.

Source link

You may also like

Leave a Comment