By Nathan Ferguson
The past few weeks have seen Uniswap emerging as a leading digital coin. However, the altcoin will sustain that when it secures increased investor and market-wide support. Nevertheless, the chances of such probabilities decline each day, especially with last month’s rally eventually arriving at its final stop.
Uniswap Swapping Places
The altcoin has changed the tale from the token to go green to a digital asset that failed to achieve upside objectives. Evidence of that emerged last week when Uniswap witnessed consolidation on its charts after ending a bullish week. That game bears enough time to showcase their presence.
As a result, the Moving Average Convergence Divergence shifted from a bullish cross to a bearish cross, with the Signal Line moving beyond the indicator line. While publishing this blog, UNI stayed 3% away from satisfying a 150% surge, following upsides since climbing from June lows. Nevertheless, the SMI (Squeeze Momentum Indicators) shows that increasing bearishness will challenge UNI’s growth.
Consequently, investors that (gradually) returned to highs within the market pulled a u-turn and stopped their activities. The asset’s velocity confirms the same. The pace at which Uniswap changes hands saw a sudden decline to 6-month lows (lately) and maintained downtrends during this publication.
These factors could catalyze a crash or a correction within the marketplace, which isn’t lucrative for investors and the asset at the moment. This week saw Uniswap holder’s overall average balance hitting $29K, a 126.9% surge within a month from June lows.
However, fear within the market eventually subsiding translates to new investors joining the space. For example, the cryptocurrency fear & greed index hovers at its 4-month high, maintaining a neutral stance. Also, Uniswap enjoys the benefit of being the largest DEX (Decentralized Exchange) globally. These facets remain crucial if the alt plans to counter the emerging bearishness.
Meanwhile, Uniswap investors should watch overall market cues for informed decisions. The marketplace battled to maintain the latest highs, noting slight upticks after brief declines. However, Bitcoin seems ready to hit levels beyond $25K today. Such a move would improve market mood, triggering upsides in altcoins, including UNI.
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