WhaleStats, a crypto whale movement tracking platform, tweeted a list of the most used smart contracts of the 500 best BSC whales. Standing at rank #8 was UniSwap [UNI]which was good news for the blockchain, as it pointed to an increased popularity of the chain and its original token.

Lately, UNIThe company’s performance was promising as it registered more than 6% weekly gains. CoinMarketCaps data revealed that at the time of writing, UNI was trading at $6.48 with a market cap of over $4.9 billion. Things may change, however, as a few market indicators suggested a possible trend reversal in the coming days.

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Here are AMBCryptos Price prediction for UniSwap (UNI) for 2023-24

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Source: CoinMarketCap

The list of infinitely good news

In addition to the aforementioned update, UNI has also entered the list of the best BNB tokens on social media. pancake swap (CAKE), Dogecoin (DOGE), avalanche (AVAX), and Polygon (MATIC) also ended up on the same list.

A look at UNI’s statistics, however, suggested that investors may have tough days ahead of them. For example, UNI‘s development activity has decreased significantly in the past week. This was generally a red signal for the blockchain.

In addition, CryptoQuant’s data revealed that UNI’s foreign exchange reserve increased, indicating higher selling pressure. Nevertheless, aside from these drawbacks, things looked pretty good for UNI. In addition, other on-chain metrics favored the token and pointed to an ongoing price increase.

Source: Santiment

UNI‘s volume recently registered an increase, which was a positive sign. Not only this, but UNI’s Market Value to Realized Value (MVRV) also went up, increasing the likelihood of a price hike. UNI’s NFT space also registered positive growth last week as UNI’s total NFT trading numbers and trading volume in USD increased last week.

Source: Santiment

But the bulls had a hard time…

Incidentally, despite green signals from UNI‘s on-chain stats, the token’s market indicators revealed that the bulls were actually struggling to beat the bears. The exponential moving average (EMA) showed an ongoing battle between the buyers and the sellers.

The Moving Average Convergence Divergence (MACD) also told a similar story, making it difficult to gauge which way UNI was headed. UNI’s Money Flow Index (MFI) registered a decline, rapidly increasing the likelihood of a price decline. However, UNI’s Relative Strength Index (RSI) recently moved higher and remained above neutral, giving investors hope for better days.

Source: TradingView





This post Uniswap: Can short-term bulls distract traders from UNI’s long-standing bears?

was published first on https://ambcrypto.com/uniswap-can-short-term-bulls-distract-traders-from-unis-long-standing-bears/

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