Uniswap Explodes with God Candle as Whales Gobble Up Tokens!

Uniswap just lit up the charts with a massive god candle today, fueled by relentless whale buying while a sneaky rounded-bottom pattern has been cooking up on the daily chart.

UNI skyrocketed 23% to hit a scorching intraday high of $10.75 on July 18, and it's now chilling at $10.66. This beast is now over 120% above its pathetic year-to-date low. Hold on tight!

The token's daily trading volume has surged a whopping 76% in the last 24 hours, hitting a massive $1.6 billion. Meanwhile, its market cap is flexing at $6.39 billion.

Today's insane price surge? You can thank those greedy whales. Over the last week, they've been snapping up at least $26.8 million worth of UNI tokens. These big fish just can't get enough!

And get this: Nansen's data shows whales are now hoarding 5.83 million UNI tokens, up a mind-blowing 67.8% in the last month. These whales are on a feeding frenzy!

This whale accumulation is sparking a chain reaction, pulling in retail investors like moths to a flame.

CoinGlass data shows that open interest in Uniswap's futures market jumped 27% in the past day, hitting a cool $763.68 million. That's a massive leap from the measly $240 million back in May. More traders are diving in and placing bigger bets on UNI!

The funding rate is also pumping, rising from 0.0049% to 0.0233% in just a day. This means more folks are going long on UNI, willing to shell out extra cash to keep their bullish positions open. Traders are getting more confident in a potential upward move and are positioning themselves for even bigger gains.

As Ethereum's biggest DEX, Uniswap's rally is also getting a boost from Ethereum's epic comeback over the last week. This has lifted the entire market's spirits and reignited the fire across the DeFi ecosystem.

The total value locked in Uniswap has climbed back above $5.71 billion for the first time since February, up a solid 21% since late June. The money's pouring back in!

Uniswap Price Analysis: Rounded Bottom and Golden Cross Incoming!

On the daily chart, Uniswap's been brewing a rounded bottom pattern since January. This bad boy, also called a saucer bottom, is all about a slow and steady price drop followed by a gradual recovery, making a smooth, curved bottom. It's like watching a roller coaster slowly climb back up!

The neckline of this rounded bottom is chilling at $15.69, while the bottom hit rock bottom at $4.59 back in April.

And here's the kicker: the 50-day simple moving average is about to cross above the 200-day moving average, forming a golden cross. This classic bullish signal often means the start of a sustained uptrend and could fuel even more upward momentum. Get ready for liftoff!

If Uniswap keeps completing this rounded bottom, the next big target is $12, which also lines up with the 50% Fibonacci retracement zone. That's a key resistance point, so watch out! A strong breakout above $12 would make it more likely for the pattern to fully complete at the neckline level of $15.69, a juicy 48% above the current price.

If the bullish momentum stays strong through that breakout, UNI could go on a wild parabolic rally, opening the door to much higher price levels in the coming weeks. Buckle up, it's going to be a wild ride!

Disclosure: This article isn't investment advice. It's just for educational kicks, so don't go betting the farm based on what you read here!