By Franklin Smith
Uniswap makes massive waves within the cryptocurrency market. For instance, the project has recorded an enormous volume surge over the past week.
Meanwhile, the network volume surpassed $9.62 billion in August last year, while this week’s figure stands at $8.62 billion. That represents only a 7% drop, whiles the total crypto market capitalization declined by 49% within the past year.
Also, the decentralized exchange saw a massive uptick in Twitter discussions. However, Santiment trusts scam accounts targeting inexperienced investors via automated comments contribute to the chatter. Remember, Uniswap sees the highest Twitter discussions since its inception.
Also, Uniswap has seen debates on its possible reaction to the coming ETH Merge. Recently, Uniswap tweeted that it will keep working seamlessly through the migration.
Meanwhile, UNI displayed bullish activity over the recent days regardless of last week’s slump. Investors might expect a near-term upward move as several bullish facets appear on the decentralized exchange.
Uniswap Run Progresses
UNI noted a massive uptick on August 30 as the overall market sentiment confirmed notable recoveries. While publishing this post, the alternative token traded at $6.33, gaining more than 6% within the last 24 hours. Nevertheless, UNI lost 10% in the past week.
Surprisingly, Santiment revealed that traders remain distressed according to the 30d MVRV chart. While writing this content, UNI’s MVRV ratio hovered at -16.20%. Meanwhile, it has recorded massive recoveries since the previous week.
While publishing this news, Uniswap’s Relative Strength Index (RSI) swayed at 54.81, meaning investors can forget about bullish runs in the upcoming days. Moreover, address activity has triggered a surge in UNI’s buying pressure.
Uniswap looks to resurge as the token’s near-term future remains bright for now. Will the top decentralized exchange lead the market revival or deteriorate again? Time will answer.
The crypto market sees a respite with minor upticks following the recent downturn. The cumulative market cap noted a mere 0.06% 24-hour increase to $994.12 billion. However, bears roam the marketplace, and assets can witness new slides again. As mentioned above, time will tell what the market has for enthusiasts.
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