Uniswap (UNI): What Investors Need to Know Before Deciding
Recent sessions saw Uniswap outshining all digital coins in the top-twenty list by market cap. That came after UNI surged more than 8% over the past seven days. Surprisingly, Messari data showed that Uniswap consistently maintained a 75% decentralized exchange (DEX) market share throughout the third quarter. That represents lucrative updates for UNI’s ecosystem.
Though the mentioned could appear promising, the token’s metrics revealed multiple other developments. Investors need to watch them as each could catalyze a pullback in the coming times. While publishing this post, UNI changed hands at $6.39, with its market cap beyond $4.87 billion.
What Metrics Say
Assessing Uniswap’s metrics showed that UNI’s lucrative days may end soon as multiple indexes suggested potential downsides in the upcoming days. For example, UNI has seen its development activity drop, following sideways actions. That represents a negative sign as it shows a decline in developer efforts to enhance the blockchain.
Furthermore, UNI’s daily active address noted a significant plunge after hiking on September 17. That’s a red flag as it shows a decline in individuals using the network. Lastly, data from CryptoQuant showed Uniswap’s RSI (Relative Strength Index & Stochastic stayed at overbought levels, heightening the probability of price fall soon.
Though the negative impacts on the mentioned metrics, some developments could help UNI extend its upsides in the coming days. Surprisingly, UNI joined the list of cryptocurrencies that the leading 1000 ETH whale holds. That meant a positive sign, showing whale interest in the alternative token.
That isn’t all either, as UNI outpaced other cryptocurrencies in social activity. That was also a lucrative signal, highlighting increased popularity in the cryptocurrency community. While the mentioned metrics and findings remain mixed, it is worth expecting what Uniswap and UNI have in store for the coming trading sessions.
Also, UNI enthusiasts should assess broad market cues to determine upcoming potentials. The crypto market appeared red during this publication, with most assets recording minor declines. For instance, Bitcoin dropped 1.05% in the last 24 hours to $19,119.18. The bellwether crypto should overcome the $20K mark for near-term bullishness.
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