by - UNI was on the list of the 10 most bought tokens among the 5000 biggest Ethereum whales.
- The RSI was overbought, but a few metrics were in its favor.
Uniswap’s [UNI] performance, of late, has been entirely in line with the interests of investors. UNI recorded double-digit weekly gains, thanks to the whales’ interest. UNI was on the list of the 10 most bought tokens among the 5000 biggest Ethereum whales in the last 24 hours.
JUST IN: $UNI @Uniswap now in top 10 purchased tokens among 5000 largest #ETH whales in the last 24 hours 🐳
See the top 100 whales here: https://t.co/kOhHps8XBB
(and hodl $BBW to see data for the top 5000!)#UNI #whalestats #babywhale #BBW pic.twitter.com/jwAee5PJET
— WhaleStats (crypto whale tracking) (@WhaleStats) 6 December 2022
Read Uniswap’s [UNI] Price prediction 2023-24
UNI also remained quite popular in the crypto industry as it was named coin of the day in terms of social activity on December 5th. Additionally, according to LunarCrush’s data, the token’s Altrank was optimistic as it suggested that the year could end well for investors.
⚡️The coin of the day by social activity – @Uniswap $UNI
5 December 2022 pic.twitter.com/HYMAhtcOO4— 🇺🇦 CryptoDep #StandWithUkraine 🇺🇦 (@Crypto_Dep) 5 December 2022
However, all was not as good as it seemed, CryptoQuants data revealed that investors should be cautious. The trend reversal may have already started as UNI’s price fell by over 4% in the last 24 hours. At press time, Uniswap was trade to $6.13 with a market value of around $4.68 billion.
Is a trend reversal inevitable for Uniswap?
According to CryptoQuant, Uniswap‘s Relative Strength Index (RSI) was in an overbought position at press time, which was a massively bearish signal. Not only that, UNI’s net deposits on exchanges were high compared to the seven-day average. This update indicated higher selling pressure, thus increasing the chance of a price decline soon.
Nevertheless, a few calculations also worked in UNI’s favor. For example, the token’s currency reserve continued to fall, suggesting less selling pressure.
Moreover, Uniswap’s MVRV ratio was also higher compared to last week, which is a positive signal for the network. After falling, UNI’s velocity recorded an uptick, which also looked optimistic.
Source: Sentiment
Bears vs Bulls
A look at UNIIts daily chart revealed that both the bulls and bears were trying to gain an advantage in the market. According to the Exponential Moving Average (EMA) band, the 20-day EMA and 55-day EMA were struggling to reverse each other. The Money Flow Index (MFI) was just about to enter the overbought zone, which could cause problems.
However, the MACD indicated that the bulls had the upper hand in the market. The Chaikin Money Flow reading also complimented the MACD, as it registered a small rally.
Source: TradingView
