Uniswap Social Dominance Increases By 443.6% Despite Its Poor On-chain Metrics

Key Points:

• Over the last week, Uniswap’s social dominance has grown by +443.6% to 4.28%.
• Market indications and analytics suggested that the price of UNI may fall lower.

The price motion of the whole crypto market over the previous several days has not been in line with investor interest. However, Uniswap remained a hot topic in the crypto space as its social dominance went up this week.

Despite the fact that most cryptocurrencies did not see an increase, LunarCrush reported that UNI remained a big subject in the crypto realm this week, with its social dominance increasing.

According to Coincu data, the price of Uniswap had dropped by more than 2% in the previous week and was trading at $5.18, with a market value of more than $3.95 billion. UNI remained popular, but market signs indicated that investors should be wary since things may worsen in the following days.

UNI’s Relative Strength Index (RSI) fell and was well below the neutral level, indicating a bearish indicator. Furthermore, UNI’s On Balance Volume (OBV) followed a similar direction, indicating the likelihood of future price declines.

The Exponential Moving Average (EMA) Ribbon appeared bearish as well. This was bolstered by Bollinger Band data, which suggested that UNI’s price was approaching a high volatility zone.

Incidentally, a few of the on-chain metrics were also unsupportive of a price surge. This could be a matter of concern for investors. For instance, UNI’s development activity went down, which by and large is a negative signal.

Uniswap‘s network expansion has also reduced in the recent week, as has Binance’s financing rate. This implied that the price of UNI may fall much more. Nonetheless, the Market Value to Realized Value (MVRV) Ratio increased, providing investors hope.

Despite its poor performance, UNI remains popular with whales, being one of the top 500 Ethereum whales’ most utilized smart contracts on December 23.

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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