Uniswap [UNI] The price chart of Bitcoin has been a mess for the last three weeks. Bitcoin was followed by many altcoins [BTC] The first week in January saw strong gains. The strength of some tokens has continued.
UNI’s position was quite the contrary. It showed bullish impetus a month ago, as the ‘UNIfication’ proposal crept closer to being passed. It showed bullish impetus a month ago, as the ‘UNIfication’ proposal crept closer to being passed. vote concluded The bill was approved with more than the required quorum on December 25th, showing its popularity.
There are 100,000,000 people in the world. UNI Burn, Uniswap Labs turning down frontend fees and fee switches flipped for supported protocols weren’t enough to spark a rally. This relative weakness against Bitcoin Bulls worried about the larger market.
Analyzing Uniswap’s on-chain price movement and clues
Source: Santiment on X
The ophthalmologist is a post on X, crypto data intelligence platform Santiment The top 100 wallets are accumulating. These wallets added 12,41 million UNI to their balances in the last 8 weeks.
The post stated that their accumulation patterns are in line with token price movements. The post stated that based on past trends the recent increased accumulation of top wallets was waiting for a positive reaction.
How high will Uniswap price rise from here?
Source: Santiment
In the past three week, the 180-day average coin age has plummeted. On the 26th December, dormant circulatory metrics also experienced a significant spike. The move of many previously inactive tokens was evident.
In the last two weeks, there was no evidence of a network-wide trend towards accumulation. It was not surprising that the 180-day MVRV rate was negative. However, it was the short-term MVRV which indicated a possible profit-taking situation.
Recent data showed that the short-term investors were making a gain. The demand was weak after the ‘UNIfication’ news, which saw prices slump below $6 once again, reflecting a lack of market conviction.
TradeView offers UNI/USDT as a trading option
Price trend in the 1-day period was clearly bearish. Combining the A/D and the failure to continue after the breakout beyond $6 in December, this reflects sporadic selling pressure.
UNI is below both its 20- and 50-DMAs. The bearish bias would be reinforced if the price dropped below $4.73. Investors who are looking to purchase UNI based off the top 100 wallets may use this as their level of invalidation.
The cautious investor can also wait until the token shows signs of strength to purchase it.
Conclusions
- The Santiment database showed that 100 of the most popular wallets were accumulating UNI. This pattern is usually accompanied by a price increase.
- As of now, the reaction has not yet begun. The metrics on the chain showed that holders of short-term coins were content to leave after a quick rally.
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Source: ambcrypto.com
