Uniswap (UNI) Could Reach $42.49 Target After the $1.21 Million Investment

BlackRock’s announcement to purchase UNI sent shockwaves through the crypto market, prompting trader 0x46bc to open a 10x leveraged long position of 1.21 million UNI tokens at $3.70, according to Lookonchain, as of Wednesday, February 11. 

The bold move, valued at $4.81 million, was made in anticipation of a price surge fueled by the institutional interest in UNI.

Source: Lookonchain X Post

Currently resting on an unrealized profit of $350K, the trade by 0x46bc illustrates the high-risk, high-reward nature of leveraged bets in the cryptocurrency space. 

With the liquidation price set at $2.50, the profitability of the trade rests on the next move of the market and the potential influence of BlackRock on the price of UNI in the coming weeks.

Also Read: UNI Price Slides Toward $3.3 Support: Bulls Eye $4.8–$6.5 Upside Targets

Uniswap Breakout Signals 840% Rally Towards $42.49

After this milestone, Uniswap (UNI) is showing strong bullish signs. According to crypto analyst Javon Marks, as of Wednesday, February 11, UNI is seen to rise up to $42.49, which is around a potential 840% from its current position. 

The technical indicators for UNI are looking up, especially since the strong decentralized exchange from Uniswap continues to attract liquidity and interest from developers within the Ethereum network.

Source: Javon Marks X Post

If UNI continues its upward push, it might overcome the major hurdles and move towards new all-time highs. However, the possible breakout is a turning point for traders and investors. 

Furthermore, traders need to keep in mind that volatility might play its part in the outcome. All eyes are fixed on Uniswap as the next stage of growth is about to begin.

UNI Technical Outlook Suggest Cautious Momentum

TradingView data indicates that, as of Wednesday, February 11, UNI is entering a notable downtrend. There is a notable dip from February 10-11, followed by a rapid rise. 

The price dropped from over $4.50 to over $3.50. The rapid rise after the drop indicates the volatility of the price movements.

Source: TradingView

The RSI and MACD indicators provide additional information. The RSI is at 51.87, which is in the neutral zone and does not show any overbought or oversold conditions. 

The MACD line is above the signal line, which may show positive momentum. The increasing green bars on the MACD graph may show a positive trend.

Also Read: Uniswap (UNI) Surges 7% Following Bitwise Spot ETF SEC Filing