Uniswap (UNI) Faces Potential Price Correction Despite Recent Bullish Surge
The Bottom Line
Uniswap (UNI) has recently shown a remarkable performance, especially in terms of accumulation by whales. A whale has purchased UNI worth millions of dollars. However, the bulls could soon lose momentum. Most market indicators and metrics suggest a bearish development for the token.
Demand for UNI is Rising
According to the latest data from Lookonchain, a large whale has accumulated UNI worth more than 12 million dollars in the last two days. The network activity around the token has also increased. This is reflected in data from Token Terminal, which shows an increase in active users. Nevertheless, there are signs that suggest a possible trend reversal, which could mean the end of the bull rally for UNI.
What Awaits UNI?
Although the price of the token has risen, its social volume has also increased, reflecting its popularity in the crypto space. However, the weighted sentiment has decreased in the past week. This suggests that the bearish sentiment around the token is increasing, which could indicate a possible price correction.
Some of the market indicators have also developed bearishly for the token. For example, the Chaikin Money Flow (CMF) has seen a strong decline in recent days. The Relative Strength Index (RSI) has also entered the overbought zone. This could put selling pressure on the token and soon mean an end to the ongoing bull rally.
Our Assessment
Although UNI has shown a strong performance recently, many indicators suggest a possible trend reversal. Therefore, UNI holders should be cautious and closely monitor market conditions. Despite the current bull rally, a price correction may be imminent.
Sources: Lookonchain, Token Terminal, CoinMarketCap, Santiment, TradingView
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