- The price of UNI has risen slightly over the past 24 hours.
- Most market indicators and indices have turned bearish for the token.
Uniswap (UNI) We’ve had a good performance over the last week, especially in terms of whale accumulation. The big players in the game are starting to stock up on more UNIs, which is an optimistic sign. Does this mean individual investors should also consider accumulation?
UNI demand increases
According to the latest data Look on chainThe giant whale has amassed UNI worth more than $12 million in the past two days.
There has also been an increase in network activity surrounding the token. This is the token terminal data, This pointed to an increase in active users.
AMBCrypto therefore planned to take a closer look at what was happening to UNI. Uniswap’s Binance funding rate appears to be in the green. This means that buying sentiment dominates the derivatives market.
However, the most concerning indicator was open interest, as UNI’s price fell while it was surging. A decline in the indicator usually suggests a possible trend reversal, which could end the bull market for the token.
Depending on the CoinMarketCap, the price of UNI has fluctuated slightly over the last 24 hours. At press time, it was trading at $12.4, with a market capitalization of over $7.4 billion.
Source: Santiment
What do you expect from UNI?
While the price of the token rose, its social volume also increased, reflecting its popularity in the cryptocurrency space.
However, weighted sentiment declined last week. This clearly means that the bearish sentiment towards the token is rising and hints at a possible price correction.
Source: Santiment
As weighted sentiments fell, some market indicators also turned bearish for the token. For example, Chaikin Money Flow (CMF) has recorded a sharp decline over the past few days.
The relative strength index (RSI) has also entered the overbought zone. This could put selling pressure on the token, which could soon end the ongoing rally.
read Uniswap (UNI) price prediction 2024-25
Additionally, Uniswap’s price has reached the upper limit of the Bollinger Bands, suggesting that UNI’s price chart may turn red.
Nonetheless, MACD was strong in the market, favoring buyers.
Source: TradingView