- 60% Uniswap Investors are in profit following a 122% increase in only 30 days.
- The wallet profitability has reached its highest level since the year 2021. This increases the probability of taking profits.
Uniswap [UNI] The last 30 days have seen a bullish run after an impressive 124% increase. At the time of publication, UNI was trading at $15.55 and had a volume exceeding $1 billion. CoinMarketCap.
UNI’s rally seems to have cooled after Bitcoin [BTC] After pushing through $100,000, altcoins were no longer a focus of attention. The altcoin is still in a bullish zone despite the increase in wallet profitability.
IntoTheBlock data shows that more than 60% of UNI wallet holders currently are in the Money. This is the highest profit level since the middle of 2021.
Source:
When the rally is showing signs of exhaustion and the wallets of profits are increasing, traders will tend to sell to lock in their profits. The rally could stall, or even trigger a downward trend.
Inflows of UNI currency on the increase
Despite a spike in UNI inflows, some traders are now booking profits. CryptoQuant reports that Uniswap inflows hit a record high on 4th December, with 1.54M UNI worth more than $24M.
CryptoQuant
This spike coincided with UNI reaching a high of 16.52 dollars, an eight-month record. It is possible that the level at which UNI reached this peak may be a sign that it’s time to top out locally.
It is possible that the fact that negative netflows were recorded during the day could indicate that demand was sufficient to avoid a trend reverse. Also, the buyers continue to be active which supports further gains.
Uniswap RSI at overbought levels
Uniswap’s chart daily shows the altcoin at an overbought condition after the Relative Strength Index surpassed 78. As in previous years, this could lead to a temporary correction.
The Chaikin Money Flow of UNI has also reached 0,20. This indicates that the buying activity in recent months is at its peak.
(Source: Tradingview)
If buyers continue to buy, UNI might surge up towards the 1.618 Fibonacci (22.59) and its highest point since early 2022. A drop below $14.45 may trigger another decline.
Click Here to Read Uniswap’s [UNI] Price Prediction 2024–2025
Rising new adoption rate suggests…
According to IntoTheBlock, the new adoption rate is up by 32.44% in just one week. It is possible that a large number of buyers are accumulating Uniswap.
Source:
Retail FOMO could be driving the increase of new Uniswap address, and this would help accelerate the trend.
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Source: ambcrypto.com
