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UNI Price Jumps as Amber Group Makes Major Token Moves

Amber Group's massive token moves shook up the market, causing the UNI price jumps. For more information on the subject, you can visit CDS.

UNI Price Jumps as Amber Group Makes Major Token Moves
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UNI Price Jumps After Amber Group Wallet Activity

UNI Price Jumps After Amber Group Wallet Activity

Lookonchain reported a noteworthy Amber Group activity on Monday, November 17. There were 1.41 million Uniswap (UNI) tokens in a wallet associated with the company. 1.39 million tokens were deposited to Coinbase Prime, most likely for custody, according to the study. This kind of accumulation is good news. UNI experienced a rise from $4.73 to $10.3 earlier this month. At $8.6, it breached a crucial swing level and caused a bullish movement in the market structure over a one-day period.

Uniswap Price Recovery Sparks Optimism Despite Holder Concerns

A price decline to $6.86 would be possible at that point, according to an AMBCrypto report from last week. Since then, this price decline has occurred, and Uniswap has increased by 8.9% during the past four days. The $8 level now acts as a barrier to the bulls. On-chain measurements showed a strong likelihood of more increases at the time of writing. Despite the rising price trend, the selling pressure could be concerning.

UNI Holders at a Loss as MVRV Turns Negative

The mean coin age significantly decreased on November 11, when Uniswap was selling at $10. The age-consumed metric increased concurrently. When these two measurements were combined, they showed a flurry of previously inactive tokens being transferred on-chain. Selling intent is typically reflected in this type of movement. A price correction to $6.86 might come next. It was anticipated that the mean coin age would start to rise once more during and after this correction.

It didn’t, though, and it has gradually descended. This lack of network-wide accumulation appeared to indicate that UNI’s positive prospects were not seen favorably by on-chain investors. Additionally, the MVRV ratio dropped into negative territory. This indicates that holders were generally losing money. The existence of holders who are losing and the lack of confidence are worrisome. Because of this, holders attempting to sell at break-even may put pressure on prices to rise.

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UNI Price Jumps as Amber Group Makes Major Token Moves
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