New demand for Uniswap has climbed steadily in the last month, causing its price to log double-digit gains.
According to information from the data provider, the count of daily active addresses that trade UNI has trended downwards after marking a high of 2726 addresses on 26 June. On 23 July, only 781 unique addresses completed transactions that involved the UNI token. This represented a 71% fall in active address count for the DeFi-based token.Interestingly, while old addresses stayed their hands with regard to trading UNI, the token logged a considerable surge in new demand in the last month.
On the asset’s D1 chart, buyers regained control of the Uniswap market due to the increase in new demand in the last month. According to its Directional Movement Indicator, the positive directional index initiated a crossover above the negative directional index on 24 June and has since maintained this position. At press time, the buyers’ strength at 27.64 rested solidly above the sellers’ strength at 8.44.
Also, UNI’s Relative Strength Index and Money Flow Index indicators signaled a steady growth in UNI accumulation during the period under review. At press time, the RSI was far from its center line at 61, while the MFI rested in the overbought territory at 80.64. Further, UNI’s Aroon Up Line was pegged at 78.57% at the time of writing. When an asset’s Aroon Up line is close to 100, it indicates that the uptrend is strong and that the most recent high was reached relatively recently. This is generally considered a bullish sign.However, a look at the alt’s Chaikin Money Flow sent cautionary signals. While UNI’s price has experienced growth in the last month, its CMF began to trend downwards on 14 July.
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