UNI presented a lucrative performance over the previous week, outperforming several ‘usual’ gainers with a more than 10% uptick. Meanwhile, such developments brought some hope to optimistic market players.
While publishing this blog, UNI changed hands near $6.33, with its market capitalization above $4.8 billion. Uniswap’s recent actions emerged from the platform developments that welcomed northbound price actions. Nevertheless, multiple on-chain metrics and market indicators suggested potential trend reversals soon.
UNI’s Bears and Bulls
UNI presented its name among the leading 5000 ETH whales’ holdings on September 29. While this development was promising, it also signaled whale trust in the alternative token.
Moreover, Uniswap’s MVRV (Market Value-Realized Value) ratio soared between September 28 and 29. The token’s social volume also recorded a surge within the past few days, regardless of the brief press time dip.
However, UNI’s development activity appeared somewhat stagnant, regardless of these positive indications. Surprisingly, Uniswap’s 24hr active addresses declined after recording a surge. More to the developments that support the token, Uniswap Labs tweeted about their efforts to enhance the alt’s ecosystem.
The tweet confirmed that more than 110 projects utilized Uniswap’s Widget to integrate Uniswap’s power with one-line code. Contrary to the mentioned developments’ nature, CryptoQuant’s data revealed a negative signal. That showed that Uniswap’s exchange reserve hiked, indicating increased selling momentum, heightening the chances of price plummets soon.
The Last Vote
Interestingly, Uniswap’s daily chart indicated trend reversal possibilities, as most market indicators didn’t favor price upticks in the upcoming days. Uniswap’s price wavered around the resistance level at $6.77. And that might welcome selling momentum before pushing prices north.
Uniswap’s RSI (Relative Strength Index) and CMF (Chaikin Money Flow) also recorded southward moves, indicating a bear superiority within the marketplace. Furthermore, the EMA (Exponential Moving Average) ribbon highlighted bear market situations, with the 20-dayEMA beneath the 55-day Exponential Moving Average.
Nevertheless, the MACD (Moving Average Convergence Divergence) confirmed that a bullish cross occurred recently. Though this could push prices, the impact won’t persist.
What are your thoughts about UNI’s current trajectory? You can use the comment before for your reply.
