Uniswap (UNI) Price Analysis: Market Presence Stumbles Despite Bullish Sentiment

Uniswap was the 21st largest cryptocurrency in the global crypto market at press time. It showed a strong market presence followed by a market cap

Uniswap (UNI) witnessed a strong market presence with a market cap dominance of 0.22% at press time, ranking 21st in the global crypto market.

Price Overview Chart of UNI | Source: CoinMarketCap

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The sentiment of Uniswap crypto was bullish, as per CoinCodex, while the fear and greed index was at 26. That showed fear among investors.

Despite the strong market presence, a decline in the trading volume was recorded over the last 24 hours. It resulted in a 29% decline in the spot trading volume, followed by a 47% decline in the derivatives trading volume.

Uniswap crypto price witnessed higher short liquidation against the long liquidation in derivatives, showing buyers’ dominance. Its market cap advanced 11% in the last 24 hours to $4.677B.

Onchain Data Overview of the UNI Token

A surge of 121% in the weekly active users of the Uniswap crypto has been witnessed in the last 30 days, resulting in 2.57M users.

Holders Overview Of Uniswap Crypto | Source: ixfi.com

Uniswap crypto had 382.2K holders at press time, of which 159.81K holders were in profit. That means 44.14% of the holders were profitable. Despite this, a larger portion (53%) of the UNI holders suffered a loss at the time of writing.

The concentration of large holders in crypto is 85%, and 82% have held it for more than 1 year.

In the last seven days, a surge in the inflows was recorded from the exchanges, resulting in $18.63M.

UNI Crypto Technical Analysis

The UNI crypto price has declined to a crucial make-or-break level, and the upcoming price action can decide its fate.

UNI Crypto Daily Price Chart | Source: Tradingview

The price has sustained over a long-term trendline for more than eight months and has had the support at the same level multiple times.

The UNI price hit the same trendline at press time, followed by a breakout above the descending triangle pattern. It has formed a bullish hammer candlestick pattern on the daily chart. If the price breaks above the most recent swing high of $10.0, it might continue to surge to higher levels.

UNI/USD Chart by TradingView.com

Although the Uniswap token price has declined below the 50-day and the 200-day EMAs, those EMAs traded in a golden cross at press time. If the price rebounds above the EMAs, it might witness a surge.

The MACD opposed the price trend as its metrics declined to a negative trajectory. When writing, the metrics traded in a death crossover, followed by bearish histograms on the chart.

The RSI also declined below the 14-day SMA and the 50 level by giving a closing below the same. It showed a decline in the momentum of the crypto.

Summary

The UNI Crypto price has surged 1700% from its all-time low and showed a strong market presence at press time.

However, recent declines in trading volumes and mixed technical indicators, such as a potential death cross in MACD and a bearish RSI, made UNI’s future uncertain despite bullish sentiment and significant market cap.

The support levels for Uniswap crypto price were $4.70 and $6.70, followed by the resistance levels of $12.0 and $17.0.

This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.

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