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Uniswap: Can short-term bulls distract traders from UNI’s long-standing bears

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WhaleStats, a crypto whale movement tracking platform, tweeted a list of most used smart contracts by the top 500 BSC whales. Standing at rank #8 was UniSwap [UNI], which was good news for the blockchain as it indicated increased popularity of the chain and its native token. 

Lately, UNI’s performance has been quite promising as it registered over 6% weekly gains. CoinMarketCap’s data revealed that at press time, UNI was trading at $6.48 with a market capitalization of more than $4.9 billion. However, things might change as a few market indicators suggested a possible trend reversal in the coming days. 

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Here’s AMBCrypto’s Price Prediction for UniSwap (UNI) for 2023-24

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Source: CoinMarketCap

The list of never-ending good news

In addition to the aforementioned update, UNI also made it to the list of the top BNB tokens on social media. PancakeSwap (CAKE), Dogecoin (DOGE), Avalanche (AVAX), and Polygon (MATIC) also made it to the same list.

However, a look at UNI’s metrics suggested that investors might have troublesome days ahead. For instance, UNI’s development activity reduced considerably over the last week. This was by and large a red signal for the blockchain.

Moreover, CryptoQuant’s data revealed that UNI’s exchange reserve was rising, which indicated higher selling pressure. Nonetheless, apart from these drawbacks, things looked quite good for UNI. Furthermore, other on-chain metrics were in favor of the token and indicated a continued price surge.

Source: Santiment

UNI’s volume registered an uptick lately, which was a positive sign. Not only this, but UNI’s Market Value to Realized Value (MVRV) went up too, increasing the chances of a price hike. UNI’s NFT space also registered some positive growth last week as UNI’s total NFT trade counts and trade volume in USD went up last week. 

Source: Santiment

But the bulls struggled…

Incidentally, despite green signals from UNI’s on-chain metrics, the token’s market indicators revealed that the bulls were actually struggling to beat the bears. The Exponential Moving Average (EMA) displayed an on-going tussle between the buyers and the sellers.

The Moving Average Convergence Divergence (MACD) also told a similar story, making it difficult to assess which way UNI was headed. UNI’s Money Flow Index (MFI) registered a downtick, increasing the chances of a price decline soon. However, UNI’s Relative Strength Index (RSI) went up recently and was resting above the neutral position, giving hope to investors for better days to come.

Source: TradingView

 

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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