- Uniswap’s social dominance registered an increase over the past week
- However, market indicators and metrics revealed that UNI’s price might do down further
The entire crypto market’s price action over the last few days didn’t exactly align with investors’ interest. Most cryptocurrencies didn’t manage to register an uptick, and Унисвап [УНИ] wasn’t any different.
Despite its underperformance, LunarCrush revealed that UNI remained a hot topic in the crypto space as its social dominance went up this week. Thus, reflecting its high popularity.
Uniswap social dominance is up +443.6% to 4.28% this week! 📈
Погледајте све $ УНИ insights + more with a level 5 account.
???? https://t.co/6ouSuI49Zc pic.twitter.com/PV5exUu8JT— ЛунарЦрусх (@ЛунарЦрусх) Декабрь 24, 2022
Да ли ваши фондови УНИ светле зелено? Проверите Профит Калкулатор
A long winter behind and ahead
At the time of writing, UNI’s price decreased by more than 3% over the last week and was трговински at $5.18 with a market capitalization of over $3.95 billion. Though UNI remained popular, market indicators revealed that investors should be cautious as things might get worse in the coming days.
UNI’s Relative Strength Index (RSI) registered a decline and was resting way below the neutral mark, which was a bearish signal. Furthermore, UNI’s On Balance Volume (OBV) also followed the same path, further increasing the chances of a continued price decline.
The Exponential Moving Average (EMA) Ribbon also looked bearish. This was was further augmented by the Bollinger Band’s data as it revealed that UNI’s price was entering a high volatility zone.
Читати Предвиђање цене Унисвап-а [УНИ]. 2023-24
Да ли метрика подржава?
Despite the poor performance, UNI managed to be popular among the whales, as it became one of the most used smart contracts among the top 500 Ethereum whales on 23 December.
ЈУСТ ИН: $ УНИ @Унивап један од НАЈКОРИШЋЕНИХ паметних уговора међу 500 најбољих #ЕТХ китови у последња 24 сата🐳
Имамо и ми $ БОНЕ, $ СХИБ, $ БАЛ, $ ЛИНК & $АУРА на листи 👀
Табела лидера китова: https://t.co/tgYTpOm5ws#УНИ #вхалестатс #бабивхале #ББВ pic.twitter.com/OclWOAhjVu
— ВхалеСтатс (праћење крипто китова) (@ВхалеСтатс) Декабрь 23, 2022
Incidentally, a few of the on-chain metrics were also unsupportive of a price surge. This could be a matter of concern for investors. For instance, UNI’s development activity went down, which by and large is a negative signal.
UNI’s network growth also decreased over the last week, along with a slight decrease in Binance funding rate. This suggested that UNI’s price might go down further. Nonetheless, the Market Value to Realized Value (MVRV) Ratio went up, giving hope to the investors.
Source: https://ambcrypto.com/uni-traders-willing-to-make-major-market-moves-may-want-to-read-this-first/