đ„ Uniswap Plunges 12% Amid Crypto Market Bloodbath: Can Bulls Recover $10?
Despite volatility, UNI has rebounded by 6% to $10.28, with increased trading volume indicating resilience amidst market fluctuations.Uniswapâs fee generation has surged, surpassing $100 million in the past month, outpacing other decentralized exchanges (DEXs).
On Tuesday, June 18, UNI, the native cryptocurrency of decentralized exchange Uniswap, faced strong selling pressure dropping by more than 12% all the way to the low of $9.30. Earlier this week on Monday, June 17, the UNI price had rallied all the way to $12.0. Thus, itâs clear that the Uniswap (UNI) altcoin is going through a period of massive volatility.
The recent surge in Uniswapâs price has coincided with a substantial purchase of Ethereum and Uniswap by a wallet associated with Amber Group, a prominent crypto investment firm. This renewed whale activity, along with changes in broader macroeconomic factors, could trigger another price increase for Uniswap and other crypto assets.
However, after yesterdayâs selling pressure, the Uniswap (UNI) price bounced back strongly and is currently trading 6% up at $10.28 with a market cap of $6.16 billion. the daily trading volume has also surged 13% to more than $300 million.
In the past week, Uniswap has surged by 8.23%, while over the last 30 days, it has experienced inflows exceeding 50%, indicating robust bullish momentum. Despite being 74% below its peak of $44 during the 2021 bull market, recent whale activity indicates ongoing upward pressure on its price.
đž Uniswap (UNI) On-Chain Data
Despite recent gains, UNI is encountering resistance around the $12 mark and has retraced more than 13%. On-chain data reveals an increasing supply of UNI on exchanges, suggesting a possible local peak. Technical indicators such as the Relative Strength Index (RSI) and the Awesome Oscillator (AO) are showing bearish divergence, indicating a potential upcoming price decline.
