Uniswap: Can short-term bulls distract traders from UNI’s long-term bears

WhaleStats, a platform for tracking crypto-whale movements, has tweeted a list of the most used smart contracts for the top 500 BSC whales. Stand in place number 8 for each of them UniSwap [UNI]that was Good news for the blockchain as it points to the increasing popularity of the chain and its native token.

newly, UNIThe performance was very promising, posting weekly gains of over 6%. CoinMarketCap’s data It revealed that at press time, UNI is trading at $6.48 with a market capitalization of over $4.9 billion. However, things could change as some market indicators hinted at a possible trend reversal in the coming days.

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Here AMBCryptos UniSwap Price Prediction (UNI) for the year 2023-24

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Source: CoinMarketCap

The list of good news is endless

In addition to the aforementioned update, UNI has also entered the list of the best BNB tokens on social media. Piecake), Dogecoin (dog), Avalanche (fax) and polygon (mat) also made it in the same list.

However, a look at UNI’s statistics suggests that investors may face some tough days ahead. for example, UNIDevelopment activity has decreased significantly over the past week. This was largely a red flag on the blockchain.

Also, cryptocoins data It was revealed that UNI’s foreign exchange reserves had risen, indicating rising selling pressure. But aside from those flaws, things were looking pretty good for UNI. In addition, other metrics on the chain are in favor of the token and point to continued price increases.

Source: feeling

UNIThe s volume has been rising slightly recently, which has been a positive sign. Not only that, but UNI’s market capitalization to Realized Value (MVRV) has also gone up, increasing the chances of a price hike. UNI’s NFT space also posted some positive growth last week as UNI NFT’s total trading and USD trading volume increased last week.

Source: feeling

But the bulls fought…

By the way, despite the green flags from UNIOn-chain stats showed token market indicators that the bulls were already struggling to beat the bears. The Exponential Moving Average (EMA) showed an ongoing battle between buyers and sellers.

Moving Average Convergence Divergence (MACD) also told a similar story, making it difficult to judge which direction UNI is headed. UNI’s Money Flow Index (MFI) is lower, increasing the chances of a price drop soon. However, UNI’s Relative Strength Index (RSI) rose recently and settled above the neutral position, giving investors hope for better days to come.

Source: TradingView

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