- Buying pressure on UNI remained high last week.
- A few market indicators turned bearish on the token.
Uniswap’s [UNI] price witnessed a massive dip in its price as its weekly chart was red. But things started to change in the last 24 hours, as we saw a trend reversal. However, this doesn’t guarantee a further bull rally, as there are a few red flags.
Uniswap is recovering
The last week was somewhat disastrous for UNI, as while most cryptos enjoyed bull rallies, Uniswap’s value dropped.
According to CoinMarketCap, UNI was down by over 7% in the last seven days. In the meantime, a whale took the opportunity to accumulate more UNI while its price lay low.
Lookonchain recently posted a tweet revealing that a whale withdrew 86,467 UNI, which was worth $1.23 million from Binance. Soon after the purchase was made, UNI’s rice gained bullish momentum as it registered a recovery.
In the last 24 hours alone, UNI’s price spiked by more than 3.5%. At the time of writing, UNI was trading at $14.32 with a market capitalization of over $8.5 billion.
An analysis of Glassnode’s data revealed that the chances of a continued uptrend are high. Uniswap’s Network Value to Transactions (NVT) ratio dipped recently.
Whenever the metric drops, it suggests that an asset is undervalued, suggesting a price uptick.
These are the red flags
It was interesting to see that
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Author: Dipayan Mitra
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