The DeFi industry has grown steadily over the past few weeks. Mainly thanks to Total Value Locked (TVL), which climbed to a new all-time high of $ 276.92 billion on September 11th. However, at the time of writing, TVL is down slightly to $ 269.77 billion.
At the macro level, the DeFi sector appears to be growing. Even so, DeFi tokens have had a tough time so far, especially UNI.
UNI 4-hour price table | Source: Tradingview
UNI has had a monotonous price move since early September, after testing the $ 30 mark, the price has fallen from there. On November 28, after hitting a multi-week low of $ 18.5, the price began rising again. At the time of analysis, this altcoin is trading at $ 22.13.
Source: TradingView
It is noteworthy that the UNI price has increased by more than 11% in the last 3 days. At the time of this writing, the RSI is in the oversold territory and moving north, awaiting a break in a 20 day downtrend.
Accordingly, if the upside continues, it could close the fair value gap (FVG), which has widened from $ 20.3 to $ 24.5. However, the $ 20.7 threshold will be important to UNI as the in / out-of-the-money model shows that many investors lose at $ 20.84.
In fact, around 9,000 addresses bought over 183 million UNIs at that price. Movement above this level will be the main factor in eliminating the possibility of a sell-off.
Source: IntoTheBlock
The MVRV from UNI for 30 days and 7 days now shows the participants at a loss. However, they also accumulate assets in the negative zone that MVRV has been operating in for the past 30 days. So it could be a great level to see UNI jump higher.
Source: Sanbase
The recovery of the MVRV could push the price even higher, confirming the possibility of a recovery. However, UNI’s correlation with BTC at the time of writing is with ATH. This positive correlation is another reason for the decline and needs to be broken quickly before the situation worsens.
On the other hand, HODLer’s return is currently viewed as “medicine” for UNI orbit as it will go missing for most of this year. However, for a stronger recovery right now, the excitement from the retail world is essential.
Especially compared to the beginning of 2021 and even May 2021, UNI’s transaction volume is quite low. For UNI to trade $ 25 or more, retail investors need to be more involved and enthusiastic about the overall market. Once UNI picks a price above the $ 21 mark, the near-term trend is likely to become clearer.
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