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- 1 Uniswap price faced profit booking and lost over 15% this week.
- 2 Technical indicators suggest a significant rebound ahead.
The Uniswap price hovering near the 50 day EMA throughout this week and witnessing consolidation price movements on the charts. The price action shows the lower low structure and that investors have been consistent in profit booking, which led to a decline of over 28% last month. After a sharp 130% rally in March, UNI reached the $15 mark.
At press time, the Uniswap token (UNI) price was trading at $11.24 with an intraday gain of 1.75%, reflecting neutrality on the charts. It has a monthly return ratio of -24.30% and 86.89% on a yearly basis. The pair of UNI/BTC is at 0.000162 BTC, and the market cap is $9.88 Billion. Analysts are neutral and suggest that the UNI token price may retain strength and retest the upside mark of $15 soon.
UNI Price Volume Profile Analysis
Trading volume declined by over 550% in the past two weeks. However, the intraday trading volume noted a surge of over 15.89% to $108.63 Million. The trend is neutral and the token depicts trendline rejection and is retracing gains or the past sessions.
Price Volatility and Total Weighted Sentiment Outlook
Following the price consolidation moves, the price volatility remained below average and reached the lower trajectory, noted at around 0.01, reflecting a negative stance. However, the weighted sentiment value remained in the positive region and was noted at the 0.061 mark.
Social Dominance & X Followers Insights
Amidst the price retracement, the social dominance value showcased a surge and rose over 75% to 1.015% reflecting an increase in the investor discussion and media reports on the social media. Similarly, the X followers data noted average moves and remained stable at around 24.1k.
Development Activity & Open Interest Data Overview
Per the Sanitment data, the development activity noted average movements and a rise of over 6.7% was noted, reaching 871.9 this week. However, the derivative data signifies a long unwinding data and the open interest dropped by over 2.88% to $80.69 million in the last 24 hours.
Per the Fib levels, the Uniswap price has slipped to the 38.2% zone and is trading close to the mid Bollinger Band support zone near the 50 day EMA mark. The RSI curve stayed in the oversold region and reflected a negative crossover on the charts.
The total supply of the Uniswap token is 1 billion, whereas the volume-to-market cap ratio is 0.0110, and it ranked 19 in terms of market cap in the global crypto market.
Summary
The Uniswap token price is hovering around the 50 day EMA mark, displaying range bound movement this week. However, the trend is bullish and the token may retain buying momentum and will continue to outperform in the next few sessions.
Technical Levels
Support Levels: $11 and $10.70
Resistance Levels: $11.80 and $12
Disclaimer
The views and opinions stated by the author or any other person named in this article are for informational purposes only and do not constitute financial, investment, or other advice.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
