🐋 Uniswap Price Could Dive 31% as Whales Dump UNI

📉 Uniswap Price Under Pressure
On November 4, UNI fell for the fifth consecutive day, dropping to $6.9, its lowest since October 4, and down 60% from its peak this year. Whale activity has been driving the decline, as large holders continue to sell off their tokens.

🐋 Whales Dump UNI
Recent on-chain data shows whales are selling, with one moving 628,406 UNI ($4.37 million) to Crypto.com and another transferring 186,558 UNI ($1.3 million) to Coinbase Pro. Whale movements are a bearish indicator, signaling potential further downside.

📊 Market Volume and Competition
Despite the sell-off, Uniswap regained market share, handling $1.58 billion in volume in the last 24 hours, surpassing Raydium. Over the past week, Uniswap processed $12.5 billion, outperforming Solana. Uniswap’s user base also grew, with 13.9 million users in the last 30 days.

⚠️ UNI Price Analysis
UNI dropped below key support levels, slipping under the ascending trendline and the neckline of a triple-top pattern at $8.30. It also fell below the 200-day and 50-day EMAs, signaling potential for a death cross and further decline. The next target is the August low of $4.718, a 31% drop. This bearish outlook could change if UNI breaks above $8.30, with a possible rally to $10.