UNI was on the list of the top 10 purchased tokens among the 5000 largest Ethereum whales. Its RSI was overbought, but a few metrics were in favor. Uniswap’s [UNI] performance, of late, has wholly aligned with the interests of investors. UNI registered double-digit weekly gains, thanks to the interest of the whales. UNI was […]
Is a trend reversal inevitable for Uniswap?’s Relative Strength Index was in an overbought position, at press time, which was a massive bearish signal. Not only that, but 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 decrease soon.
Nonetheless, a few metrics were also working in favor of UNI. For instance, the token’s exchange 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 declining, UNI’s velocity registered an uptick, which too looked optimistic.
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