Unibase (UB), the first multi-agent cooperative AI memory layer, has dominated the crypto market with daily gains of over 45%. Its daily trading volume increased by 180% to approximately $65 million.
However, as trading activity increased, UB appeared to move from bearish to bullish on the charts. This, even if there is no clear confirmation.
Unibase recovers after downward counterfeiting
Unibase reclaimed the lost support level at $0.09136, making the breakdown a fake. Such a move eliminated all weak hands that held long positions on UB.
The altcoin’s price action broke above the 50 and 100 moving averages (MAs), but it was still trading below the 200 MA. This followed a low around $0.07.
The 200 MA appeared to coincide with horizontal resistance at $0.15. If UB manages to clear this resistance, then the $0.2338-$0.25 area will become the next target.
This bullish scenario can be supported by the CVD and MACD indicators. The CVD showed that over 108 million UB was purchased on the Binance derivatives market, while the MACD confirmed the strength of the market.
To maintain this bullish reversal, UB must stay above the $0.11 to $0.12 zone and also surpass $0.15.
Otherwise, this rally could be a slight reset from last week’s 30% drop that led to the loss of support.
UB’s key indicators remain positive
A deeper analysis of the participants’ behavior revealed a harmony of feelings. In other words, whale and retail sentiment seemed optimistic. However, the ML signal and actual performance signals decided otherwise.
Additionally, the number of holders increased from 67.67K to 67.88K in just two days. This strengthened the readings of retailer and whale signals.
Additionally, the IO-weighted funding rate turned green, reaching this month’s high of 0.04%. This indicates that bulls could pay a premium to keep their positions open.
Holder Distribution Raises Concerns – What to Expect?
Finally, the distribution of Unibase holders has also come under scrutiny.
Top wallet addresses controlled over 80% of the supply, with a single entity holding over 25%. Three other portfolios held 15-16% respectively, while the other three held 8.35%, 4.77% and 3.97% respectively.
In this regard, it can be interpreted that a high concentration in a few wallets means a high-risk token. However, for this to be the case, one must determine whether these are cash/acquiring portfolios or whales.
In the first case, a fair distribution would not cause any harm to the price. On the contrary, an unfair distribution would be bearish. If the tokens are held by whales, they could decide to dump them, causing the price to drop, just like SIREN and RAVE, among other tokens.
Final summary
- Unibase surged 45%, recouping its losses that led to a false breakdown below $0.09136.
- The price of UB has been pushed higher by the positive sentiment of market participants.
