Connect with us

Altcoins

Uniswap’s next bull rally may be delayed despite all these odds in UNI’s favor 

Published

on

Source: Unsplash


Uniswap [UNI] made headlines as it stood to be the highest revenue-generating protocol as of 6 November. Furthermore, things also looked quite optimistic for the blockchain owing to a few other positive developments.

_____________________________________________________________________________________

Here’s AMBCrypto’s Price Prediction for Uniswap [UNI] for 2023-24

_____________________________________________________________________________________

According to crypto whale tracking platform WhaleStats, UNI was a point of interest for the whales as well. At the time of writing, UNI stood among the list of cryptos that the top 1000 Ethereum whales were holding.

All these developments also reflected on Uniswap’s chart, as it registered more than 5% weekly gains. As per CoinMarketCap, UNI’s press time price was $7.58 with a market capitalization of $5,778,307,914. Interestingly, a look at UNI’s metrics also favored the investors. 

Optimistic possibility 

Uniswap, recently announced that Uniswap v3 was live on five different chains. This could be considered as positive news that could have the potential to push UNI’s price up.

Furthermore, data from analytical platform Santiment revealed that UNI’s Market Value to Realized Value (MVRV) ratio was up. This indicated a price surge in the coming days. Not only this, but UNI’s daily active addresses also registered an uptick on 4 November.

The surge in active addresses reflected an increased number of users on the network. UNI’s network growth also followed the same route and spiked lately. However, at the time of writing, the net for both marked a slight decline.

Source: Santiment

Nonetheless, not everything was working in UNI’s favor. Data from CryptoQuant’s told a different story. For instance, UNI’s exchange reserves were increasing, a negative signal as it indicated higher selling pressure.

Furthermore, UNI’s Relative Strength Index (RSI) was in an overbought position. This increases the possibility of a price plummet in the days to come.

A clear ending from a not-so-clear scenario? 

UNI’s daily chart showed an ambiguous picture as a few market indicators suggested a price hike while the others indicated otherwise. The Exponential Moving Averages (EMA) Ribbon displayed that the buyers had an advantage in the market as the 20 day EMA was resting well above the 55 day EMA.

Interestingly, UNI’s Money Flow Index (MFI) and Chaikin Money Flow (CMF) both registered downticks. These indicators were heading towards the neutral positions, a strong bearish signal. Therefore, considering all the aforementioned data, it is only time to answer which way UNI will head in the coming days.

Source: TradingView

 

Read the best crypto stories of the day in less than 5 minutes

Subscribe to get it daily in your inbox.


Please select your Email Preferences.

Ser Suzuki Shillsalot has 8 years of experience working as a Senior Investigative journalist at The SpamBot Times. He completed a two-hour course in journalism from a popular YouTube video and was one of the few to give it a positive rating. Shillsalot's writings mainly focus on shilling his favourite cryptos and trolling anyone who disagrees with him. P.S - There is a slight possibility the profile pic is AI-generated. You see, this account is primarily used by our freelancer writers and they wish to remain anonymous. Wait, are they Satoshi? :/

Click to comment

Leave a Reply

Your email address will not be published.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.