• Tue. May 28th, 2024

Uniswap (UNI): Why Next Bull Rally Could Delay Despite These Facets in Favor

Nov 7, 2022

Uniswap dominated headlines as the top revenue-generating network as of November 6. Moreover, things appear attractive for the network amid other optimistic developments. WhaleStats, a cryptocurrency whale tracking network, revealed that UNI attracted wealth wallet investor attention.

While writing these lines, Uniswap was among the digital tokens that the leading 1000 ETH whales held. Moreover, these developments remained visible in UNI’s chart, as it recorded over a 5% weekly increment.

Coinmarketcap data shows UNI changed hands near $7.58 during this publication, with its market cap at $5,778,307,914. Surprisingly, analyzing UNI’s metrics favored market participants.

Positive Possibility

Uniswap confirmed Uniswap v3’s availability on five varying chains. That could mean optimistic updates that might propel UNI’s prices higher. Moreover, Santiment data shows Uniswap MVRRV (Market Value-Realized Value). That indicated possible price upticks in the upcoming days.

Besides that, Uniswap’s 24hr active addresses recorded a surge on November 4. This address surge confirmed surged network users on UNI’s blockchain. Also, the token’s network growth followed similar trends, spiking recently. Nevertheless, the indexed marked slight declines during this publication.

However, not everything favored UNI’s upside. CryptoQuant data revealed a different tale. For example, Uniswap’s exchange reserves maintained an upside stance, printing a negative sign as it confirmed high selling momentum.

Moreover, the asset’s RSI (Relative Strength Index) hovered at the overbought level. That heightens the chances of price declines in the upcoming days.

Clear Conclusion from Unclear Case?

Uniswap’s 24hr chart revealed an ambiguous outlook, with some market indicators suggesting price upticks while others confirmed otherwise. The EMA (Exponential Moving Average) Ribbon showed buyers dominated the marketplace as the 20-day Exponential Moving Average rested well beyond the 55-day Exponential Moving Average.

Surprisingly, the token’s MFI (Money Flow Index) and CMF (Chaikin Money Flow) recorded downward movements. The indicators headed toward their respective neutral levels, demonstrating a massive bearish sign. Thus, only time will reveal the asset’s direction in the upcoming days, regardless of the discussed data.

Meanwhile, UNI fans can watch broad market sentiment for lucrative moves. Bears dominated the crypto space during this publication, with most coins hovering with slight 24hr losses.

Stay tuned for upcoming crypto news.

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