Uniswap: Is the interest on the option enough to change the course of the current UNI price?

  • UNI was among the cryptocurrencies held by the top 500 ETH picks at the time of publication.
  • The MVRV is up, but the indicators are down.

During this ongoing crypto winter, most cryptocurrencies have struggled to increase their values, and Uniswap [UNI] He was also among them. However, despite its underwhelming performance, UNI received notable interest from the Whalers.

WhaleStats, a popular Twitter handle that posts updates related to whale activity, revealed that UNI was one of the cryptocurrencies held by the top 500 Ethereum whales.

At the time of publication, the price of UNI has fallen by more than 10% over the past 7 days and has been trade to US$5.30 with a market capitalization of more than US$4 billion.

Read Uniswap’s [UNI] predict the price 2023-24

What works for UNI?

Interestingly, Uniswap was also working List One of the top DeFi projects in terms of fees and revenue generated on the Polygon Network in the last 24 hours.

A look at UNI’s on-string metrics provided some insight into why it has managed to maintain its popularity among whales. for example, UNIMVRVs registered a slight uptick, which is a positive sign for the network.

In addition, the development activity recorded an increase in the past week, which reflects the great efforts of developers to improve the blockchain.

CryptoQuant data Detect UNI’s FX reserves are declining, indicating reduced selling pressure. Active UNI addresses were also on the rise, which is another green signal. However, UNI’s network growth chose to move south, which was bearish.

Source: feeling

how many UNIs you can get for $1?

Bears still win

Surprisingly, things may not be as good as they seem as the market signals in favor of the bears.

UNIChaikin’s money flow (CMF) has decreased significantly, which is a development in the sellers’ interest. The exponential moving average (EMA) bar and the MACD have also revealed bearish advantages in the market, which reduces the chances of a price hike anytime soon.

However, UNI’s On Balance Volume (OBV) settled in a fairly high position, which looked promising for long-term shareholders.

Source: TradingView

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