How are the coins Uniswap (UNI), Cosmos (ATOM), and Fetch.AI (FET) performing within the crypto market? Below, let’s look at the updates on their current prices, some future forecasts, and the latest news concerning them.
Uniswap (UNI): the sale of a whale shakes the market
Uniswap (UNI), one of the largest decentralized exchanges (DEX) in the cryptocurrency sector, recorded significant gains at the beginning of the year thanks to the bull momentum.
However, despite the recent positive trend of the DEX, interest in UNI currently seems to be declining.
According to Lookonchain, a significant whale has deposited 561,782 UNI, worth approximately 4.38 million dollars, on Binance a few hours ago.
This movement followed a period of accumulation that lasted a year and represented the first sale of UNI by the whale in this time frame.
It is interesting to note that the whale still holds a considerable amount of UNI, with a remaining balance of 2 million UNI, equivalent to approximately 15.48 million dollars.
Based on the data from Santiment it is revealed that even the percentage of large addresses holding UNI has decreased, suggesting that the sale by this whale could be part of a broader trend of declining whale interest in UNI.
From May 26 to June 17, a triple bottom pattern appeared on the UNI price charts, followed by a significant drop in the token’s price, which highlighted decreasing lows and highs.
This scenario is indicative of a bear trend. For UNI to recover, it should retest the level of $9,310 multiple times before a reversal is possible.
Furthermore, the relative strength index (RSI) of UNI has dropped to 37.94, indicating a decline in bullish momentum. The Chaikin Money Flow (CMF) has also decreased, suggesting a reduced money flow into the token.
Finally, the growth of the UNI network has decreased significantly, indicating a loss of interest from new addresses. The speed of the altcoin has also suffered a significant depreciation in recent days.
Cosmos Hub (ATOM) introduces Valence: an innovative cross-chain protocol
Cosmos Hub (ATOM), a high-level layer zero blockchain, recently announced the launch of a new cross-chain protocol called Valence.
With a fully diluted valuation of approximately 2.56 billion dollars, Cosmos Hub continues to strengthen its position in the landscape of criptovalute.
The Valence protocol, developed by the experts at Timewave, promises to improve cohesion and cooperation within the interchain ecosystem.
Valence will operate in synergy with the Inter-Blockchain Communication (IBC) project of Cosmos to enhance economic interrelation in web3.
This protocol facilitates programmatic economic relationships between crypto-native organizations, covering a wide range of needs.
In particular from simple token swaps to adjusting treasury compositions based on market conditions.
The launch of Valence represents a strategic move to promote the mass adoption of the Cosmos ecosystem, particularly important in a period of continuous growth and development of web3 projects.
The Cosmos network has already attracted numerous prominent projects, including Stride, Stargate, Crypto.com, Regen Network, Celestia, dYdX, and Injective.
The launch of Valence is also driving the adoption of the ATOM coin, used for governance purposes.
However, the price of ATOM has suffered the backlash of the recent cryptocurrency decline, dropping by about 22% in the last two weeks and settling around $6.53.
This decline was triggered by the drop in the price of Bitcoin below $66,000. Currently, ATOM is retesting the lows of the 2022 cryptocurrency bear market, which could offer a relief opportunity from the ongoing sell-off.
Fetch.AI: the comparison with the crypto Uniswap and ATOM
The price of Fetch.ai (FET) is no longer simply the price of Fetch.ai, but now represents the Alliance for Super Artificial Intelligence (ASI).
With the merger of Ocean Protocol (OCEAN) and SingularityNET (AGIX) into Fetch.ai (FET), their collective identity has transformed into ASI.
Before July, an increase in the price of Fetch.ai was expected, as the token merger had begun and completion was anticipated by mid-July. During this transition, the Artificial Superintelligence Alliance will be marketed with the ticker FET.
With a market capitalization approaching 3 billion dollars, ASI has emerged as the second largest asset in the AI token market.
The FET whales took advantage of the profit opportunity that this merger presented and accumulated as much as possible.
In one week, the addresses that held between 100,000 and 10 million FET added over 62 million FET, worth nearly 73 million dollars.
These investors expect a surge in prices once the merger is completed, resulting in significant profits.
However, the optimism is not limited only to the whales. In fact, retail investors also share this positive sentiment.
The weighted sentiment has been largely favorable, with Fetch.ai receiving numerous mentions across all social media platforms.
It was expected that the price of Fetch.ai would benefit from the rise resulting from the merger, but broader market signals have countered this expectation. As a result, FET is still consolidated between $1.7 and $1.0 and has maintained this range for almost a month.
This consolidation is expected to continue in the coming days until the completion of the merger, when the resulting optimism could help FET overcome the current resistance.