Uniswap: Can Short-Term Bulls Deter Traders From Long-standing UNI Bears? – Media Patrollers

WhaleStats, a cryptocurrency whale movement tracking platform, posted a list of the top 500 BSC whale smart contracts on Twitter. In eighth position, we find Uniswap [UNI]was good news for the blockchain, as it indicates increased popularity of the chain and its native token.

Lately, UNITEDUNI’s performance was quite promising as it posted weekly gains of over 6%. The CoinMarketCap Index data revealed that at press time, UNI was trading at $6.48 with a market capitalization of over $4.9 billion. However, things could change as a few market indicators have suggested a possible trend reversal in the coming days.

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Here is the AMBCrypto website. Price prediction for UniSwap (UNI) for 2023-24

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The endless list of good news

In addition to the aforementioned update, UNI has also entered the list of the most popular BNB tokens on social media. Pancake Swap (CAKE), Dogecoin (DOGE), Avalanche (AVAX), and Polygon (MATIC) were also included in the same list.

However, a look at UNI’s metrics suggests investors may have tough days ahead. For instance, UNITEDUNI’s development activity has decreased significantly over the past week. This is a red signal for the blockchain.

Additionally, CryptoQuant’s report data revealed that UNI’s foreign exchange reserve was on the rise, indicating stronger selling pressure. Nevertheless, apart from these drawbacks, things were looking pretty good for UNI. Additionally, other on-chain metrics were in favor of the token and indicated a continued rise in price.

UNITEDUNI’s volume has been on the rise lately, which is a positive sign. Additionally, UNI’s Market Value to Realized Value (MVRV) ratio has also increased, increasing the chances of a price hike. UNI’s NFT space also saw positive growth last week, as UNI’s total NFT transaction count and USD transaction volume increased last week.

But the bulls struggled…

Incidentally, despite the green signals from UNITEDMarket indicators for the token revealed that the bulls were struggling to beat the bears. The exponential moving average (EMA) showed a constant struggle between buyers and sellers.

The Moving Average of Convergence and Divergence (MACD) also told a similar story, making it difficult to assess the direction UNI is heading. UNI’s Money Flow Index (MFI) has registered a decline, raising the odds of an upcoming price drop. However, UNI’s Relative Strength Index (RSI) has recently risen above the neutral stance, giving investors hope for better days ahead.



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Uniswap: Can Short-Term Bulls Deter Traders From Long-standing UNI Bears? – Media Patrollers


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