- Uniswap’s social dominance registered a rise over the previous week
- Nonetheless, market indicators and metrics revealed that UNI’s worth may do down additional
The whole crypto market’s worth motion over the previous few days didn’t precisely align with traders’ curiosity. Most cryptocurrencies didn’t handle to register an uptick, and Uniswap [UNI] wasn’t any totally different.
Regardless of its underperformance, LunarCrush revealed that UNI remained a sizzling matter within the crypto house as its social dominance went up this week. Thus, reflecting its excessive recognition.
Uniswap social dominance is up +443.6% to 4.28% this week! 📈
See all $UNI insights + extra with a degree 5 account.
👉 https://t.co/6ouSuI49Zc pic.twitter.com/PV5exUu8JT— LunarCrush (@LunarCrush) December 24, 2022
Are your UNI holdings flashing inexperienced? Examine the Revenue Calculator
A protracted winter behind and forward
On the time of writing, UNI’s worth decreased by greater than 3% during the last week and was trading at $5.18 with a market capitalization of over $3.95 billion. Although UNI remained in style, market indicators revealed that traders ought to be cautious as issues may worsen within the coming days.
UNI’s Relative Power Index (RSI) registered a decline and was resting method beneath the impartial mark, which was a bearish sign. Moreover, UNI’s On Steadiness Quantity (OBV) additionally adopted the identical path, additional rising the possibilities of a continued worth decline.
The Exponential Shifting Common (EMA) Ribbon additionally regarded bearish. This was was additional augmented by the Bollinger Band’s information because it revealed that UNI’s worth was getting into a excessive volatility zone.
Supply: TradingView
Learn Uniswap’s [UNI] Value Prediction 2023-24
Are the metrics supportive?
Regardless of the poor efficiency, UNI managed to be in style among the many whales, because it grew to become one of the used sensible contracts among the many high 500 Ethereum whales on 23 December.
JUST IN: $UNI @Uniswap one of many MOST USED sensible contracts amongst high 500 #ETH whales within the final 24hrs🐳
We have additionally bought $BONE, $SHIB, $BAL, $LINK & $AURA on the listing 👀
Whale leaderboard: https://t.co/tgYTpOm5ws#UNI #whalestats #babywhale #BBW pic.twitter.com/OclWOAhjVu
— WhaleStats (monitoring crypto whales) (@WhaleStats) December 23, 2022
By the way, just a few of the on-chain metrics had been additionally unsupportive of a worth surge. This might be a matter of concern for traders. For example, UNI’s improvement exercise went down, which by and enormous is a destructive sign.
UNI’s community development additionally decreased during the last week, together with a slight lower in Binance funding fee. This instructed that UNI’s worth may go down additional. Nonetheless, the Market Worth to Realized Worth (MVRV) Ratio went up, giving hope to the traders.
Supply: Santiment