Uniswap Team Makes Massive $UNI Deposits Amid Recovery Signs

• Uniswap witnessed a slight price increase in the last 24 hours according to CMC data.
• The token showed a 35.38% decline in daily trading volume.

The cryptocurrency market is exhibiting a spur of movement in the last few days. Amid several transactions seeking the spotlight, the Uniswap team showed notable activity seven hours ago. A wallet linked to the defi protocol deposited UNI tokens onto the Coinbase exchange as the token’s price began showing upward movements.

According to SpotOnchain data, the wallet identified as Uniswap Team (“0x63b”) moved 1.189 million UNI tokens worth $9.146 million to the Coinbase Prime deposit. Previously, 7 days ago, the wallet deposited another 1.210 million tokens worth $9.303 million onto the exchange.

Moreover, this wallet received 9 million UNI tokens from another Uniswap Team wallet (“0x8fd”) in 2020. After this activity, it remained dormant until this month. Since July 4, the wallet has been moving these tokens onto the Coinbase Prime deposit in batches of over 1 million. The wallet currently holds 1.831 million Uniswap tokens as per reports.

The Uniswap ecosystem is an active member of the community and has announced crucial updates in the past month. Notably, the protocol announced a partnership with the Zora Network, an L2 that provides swapping and LPs for lower gas costs.

Uniswap (UNI) Monthly Price Overview

In the last 30 days, the Uniswap token showed a price performance of 17.52%. Previously, the altcoin had shown bullish movements in May and June. At the beginning of July, the UNI price slid down to a two-month low of $6.763. However, in the following weeks, the token along with the other altcoins attempted to regain a bullish trend.

Meanwhile, in the last 24 hours, Uniswap depicted a 0.59% increase sparking bullish candles. The token showed upward movements, hitting an intra-day high of $7.763. At the time of writing, the token was trading at $7.67 according to CMC data.

UNI/USDT Daily Price Chart (Source: TradingView)

On the other hand, the token’s recent declines still sustain a buying sentiment among investors. This is indicated by the RSI standing at 42.39 as per TradingView reports.

Notably, the token’s short-term 9-day MA stands below the long-term 21-day MA indicating the recent price dips.

According to market analysts, the token, in the occurrence of a bullish run will hit $11. TheNewsCrypto analysts have predicted a bullish price of $20.113 for UNI in 2024. Meanwhile, if the bears win the combat then the token is expected to fall to a support level of $3.972.

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