Will Uniswap Recover Double-Digit Gains This Week?

By CoinGape

Uniswap is trading negatively alongside wider crypt assets following a bearish market outlook. The falling prices of digital assets have seen traders and analysts change positions on certain assets as double-digit losses trickle into charts. Last week, Uniswap posted renewed gains tipping signs of a recovery before a fall in the last 48 hours. 

The slump in the crypto market is evident in Bitcoin and altcoin losses plunging the market cap to $2.35 trillion, a 1.95% decline in the last 24 hours. Crypto analysts remain at crossroads on the next market direction with altcoins like Uniswap falling sharply amid diverse bullish projections from several quarters. 

Uniswap Records 12% Decline 

UNI, the utility token of the decentralized crypto exchange Uniswap is down 12% in the last 24 hours with the asset trading at $9.86. The asset has fallen below the $10 resistance level after surpassing the benchmark last week. Last week, UNI notched gains outpacing other assets in the top 20 by market cap. This surge came on the heels of a wallet linked to Amber Group purchasing about $20 million worth of Ethereum and Uniswap.

The asset’s RSI stood at 52.68 with bulls pointing north as sight was locked at $15. However, the price fall has plunged below the former resistance reducing longer-term positives. Weekly figures are at 4% gains monthly inflows dropped slightly to 24%. Daily trading volume is also up to $290 million, a 12% increase. 

This has preserved bullish momentum on the asset to spring up with a flip in market sentiments. Although gains can be recorded, double-digit inflow similar to the previous high this week will require renewed whale activity. 

Crypto Assets To Recover? 

Like Uniswap, crypto assets can see a short-term recovery if market sentiments flip. Bitcoin slipped below $65,000 taking down the price of other crypto assets today. While the market leader is down 1.2%, Ethereum fell over 2%. Meanwhile, other altcoins and meme coins posted similar numbers as sell-offs continued. A switch in macroeconomic factors and bullish whale activity will spur a change in fortunes for most crypto assets. 

Also Read: 4 Crypto To Sell To Avoid Bear Market Losses 

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David is a finance news contributor with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has an eye for breaking news. Staying updated with trends, David reported in several niches including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David goes cycling and horse riding.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.

Source: CoinGape