- The price of the ORD crypto is up 1303% from its all-time low price.
- Price was in the green for 15 of the last 30 days.
Uniswap is a decentralized exchange protocol on Ethereum that uses AMM for token trading. UNI token, launched in September 2020, enables governance, allowing holders to participate in decision-making and receive rewards.
Created by the Uniswap team, including founder Hayden Adams, UNI aims to decentralize the protocol and empower its community.
Since writing, the crypto market cap has surged by 3.8% in the last 24 hours. This shows optimism in traders as they agree to buy the crypto at a higher level.
With the surge in the crypto price, the trading volume has also advanced by 31.6%. This shows that more investors are gaining confidence in Uniswap crypto.
The liquidity is medium in crypto, resulting in a volume/market cap ratio of 3.42%. Also, the value of the traded volume over the last 24 hours from the press time is $152.261M.
Uniswap is the 23rd largest cryptocurrency in the global crypto market, and the market cap dominance of the crypto is 0.19%, which shows a good presence in the global cryptocurrency market.
The crypto price is highly volatile, resulting in a volatility of 18.51%. The fear and greed index is at 67, indicating investors’ greed.
Despite this, the UNI price was outperformed by 60% of the top 100 crypto assets in the last 1 year, which is disappointing for existing crypto holders.
Uniswap Crypto Derivatives Data Analysis
The liquidation chart of the crypto shows higher long liquidations over the last few weeks. This further shows higher profit booking in the crypto over time.
Although higher short liquidation is recorded in the last 24 hours from the press time, the overall scenario represents the dominance of sellers in crypto.
The open interest in crypto further declined by 2.5% in the last 24 hours from the time of writing, following which the derivatives volume advanced by 20.5%.
Why Are The Technicals Of UNI Crypto Disappointing For Investors?
A consistent lower low swing on the daily chart of the UNI crypto can be seen, which shows the consistent profit booking in the crypto.
The UNI crypto formed a swing high of $17.033 on March 6th, 2024, and the crypto has been witnessing consistent profit booking. This has led the price to decline by 60% from the following swing high.
The price of the crypto further is taking support at a crucial level and has taken support twice at the same support level.
Despite taking support, the UNI crypto price has not broken above significant swing highs, leading to a double bottom pattern. Therefore, traders must wait for the price to break in either direction.
UNI/USD Chart by TradingView
The price of the UNI crypto has declined below the 200-day EMA, which is a negative factor in the future performance of the crypto. The 20-day EMA further broke below the 200-day EMA, leading to a bearish crossover.
The Bollinger band has further contracted, indicating volatility in the crypto price. Also, the price is trading below the baseline, showing weakness in the trend.
The MACD has metrics trading below zero (negative territory), further supporting the prior indicators’ sentiment.
The RSI is also aligned with the existing technicals and follows a bearish cycle, currently trading at 41.55. Also, it recently dipped below the oversold zone and has been unable to break above 50-level since then.
Summary
Uniswap’s UNI crypto faces a downtrend, declining by 60% from its recent swing high. Despite increased trading volume and market cap, technical indicators like consistent lower lows, rejection at significant swing highs, and breaking below EMAs suggest bearish sentiment.
MACD and RSI confirm the downward trend. Investors should await confirmation before trading.
Technical Levels:
- Support Levels: $5.70 and $6.80
- Resistance Levels: $11.60 and $13.40
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.