The on-chain tracking platform Spot On Chain revealed in an X post published earlier today that a whale withdrew 200,000 Unifi Protocol DAO (UNFI) from Binance in the past 24 hours. According to the post, the amount of tokens withdrawn in the said transaction was collectively worth $2.29 million and were pulled out of Binance after the altcoin’s price surged more than 18%.
🚨 Fresh whale 0x931 just withdrew 200K $UNFI ($2.29M) from #Binance
Notably, the $UNFI price pumped 18.2% in the past 24 hours.
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Spot on Chain: Spot… pic.twitter.com/dlGK8KTIwX
— Spot On Chain (@spotonchain) November 7, 2023
Since withdrawing these tokens, the price of UNFI continued to rise. At press time, data from CoinMarketCap indicated that the cryptocurrency was up 19.45% over the past 24 hours. Subsequently, the cryptocurrency was changing hands at $11.62.
UNFI was also able to reach a high of $12.07 throughout the past day of trading but had since pulled back to trade at its current level. Nevertheless, the altcoin was still trading closer to its 24-hour high than its low for the same period, which was situated at $9.72.
From a technical perspective, indicators on UNFI’s daily chart suggested that the altcoin’s price may continue to rise in the next 24-48 hours. One of the indicators that pointed to a bullish move was the Moving Average Convergence Divergence (MACD).
At press time, the MACD line was breaking away above the MACD Signal line. Furthermore, the gradient of the MACD Histogram was positive. These technical flags all hinted at a possible continuation of UNFI’s positive trend.
Meanwhile, the daily Relative Strength Index (RSI) indicator signaled that bulls had the upper hand against sellers on UNFI’s daily chart. The RSI line positioned above the RSI Simple Moving Average (SMA) line, as well as the positive slope of the RSI line, suggested that buyers may continue to boost UNFI’s value in the coming 24-48 hours.
Should these bullish flags be validated, UNFI may attempt to flip the $12.310 resistance level into support before potentially rising to as high as $20.535 in the short term. Traders and investors may want to note that a bearish rising wedge pattern formed on UNFI’s daily chart. This could indicate that UNFI’s price will retrace to the immediate support at $7.695.
