Most alternative tokens are recording unprecedented growth as the crypto market recovers from the lows seen during the June crash. In particular, Uniswap (UNI) has recorded a significant surge in the last few weeks. With impressive action, UNI looked poised to overtake several altcoins in the ranks.
‘UNI’ suspended upside
Uniswap responded well to June’s crash below $3.6, taking less than 60 days to recover its recorded losses. The timeframe saw a gain of over 148.83% to explore the current value area of $9.005. Moreover, UNI seems poised to reverse April’s losses as he recovers from the dip seen in May. Nevertheless, altcoins may not have what it takes to overcome the $10 level.
That’s because the buying momentum that supported the altcoin upside during its upward journey will soon saturate. A decline in UNI supply on exchanges may support such a narrative, as the metric hovered at his 59 million mark during this publication, a seven-month low. Investors said last month he had bought his UNI for more than $4.2 million worth more than $37 million.
This accumulation continued until this publication, but may soon stop. This is because the RSI (Relative Strength Index) shows that the token is swinging within the overbought territory following the recent rally-induced FOMO. Most investors are profit-seeking traders, but they may sell quickly, leading to an eventual decline in price action.
Moreover, it can happen sooner than expected. Uniswap’s on-chain clearings have remained moderately high over the past few weeks. Meanwhile, short-term liquidations continued to be a concern in July, reaching nearly $3 million at one point. Also, the volume has remained fluctuating since then.
New investors interested in joining the UNI space may adopt a cushion as the altcoin looks poised to drop soon. Altcoins lose momentum following the latest massive upward push. Moreover, it is usually after the token has gone up significantly. Traders, on the other hand, can follow a wide range of market cues about potential voids.
What are your thoughts on the above analysis? You can leave your reply in the segment below.
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https://tokenhell.com/an-advice-for-new-uniswap-uni-investors-in-the-space/ Advice for new investors in the Uniswap (UNI) space