UNFI Whale Withdrawals 200K Tokens After It Jumps: On-Chain Knowledge

• Spot On Chain revealed {that a} whale withdrew 200K tokens from Binance over the previous 24 hours
• The withdrawal was made shortly after UNFI’s worth rose greater than 18%
• At press time, CoinMarketCap indicated that UNFI was up 19.45% and was buying and selling arms at $11.62

The on-chain monitoring platform Spot On Chain revealed in an X put up printed earlier immediately {that a} whale withdrew 200,000 Unifi Protocol DAO (UNFI) from Binance up to now 24 hours. In line with the put up, the quantity of tokens withdrawn within the mentioned transaction was collectively price $2.29 million and have been pulled out of Binance after the altcoin’s worth surged greater than 18%.

Since withdrawing these tokens, the value of UNFI continued to rise. At press time, information from CoinMarketCap indicated that the cryptocurrency was up 19.45% over the previous 24 hours. Subsequently, the cryptocurrency was altering arms at $11.62.

UNFI was additionally in a position to attain a excessive of $12.07 all through the previous day of buying and selling however had since pulled again to commerce at its present degree. However, the altcoin was nonetheless buying and selling nearer to its 24-hour excessive than its low for a similar interval, which was located at $9.72.

From a technical perspective, indicators on UNFI’s each day chart recommended that the altcoin’s worth might proceed to rise within the subsequent 24-48 hours. One of many indicators that pointed to a bullish transfer was the Transferring Common Convergence Divergence (MACD). 

At press time, the MACD line was breaking away above the MACD Sign line. Moreover, the gradient of the MACD Histogram was constructive. These technical flags all hinted at a attainable continuation of UNFI’s constructive development.

In the meantime, the each day Relative Power Index (RSI) indicator signaled that bulls had the higher hand in opposition to sellers on UNFI’s each day chart. The RSI line positioned above the RSI Easy Transferring Common (SMA) line, in addition to the constructive slope of the RSI line, recommended that consumers might proceed to spice up UNFI’s worth within the coming 24-48 hours.

Ought to these bullish flags be validated, UNFI might try to flip the $12.310 resistance degree into help earlier than doubtlessly rising to as excessive as $20.535 within the brief time period. Merchants and traders might need to notice {that a} bearish rising wedge sample shaped on UNFI’s each day chart. This might point out that UNFI’s worth will retrace to the speedy help at $7.695.