Uniswap price is taking the spot of one of the biggest losers of the month, with the altcoin’s losses extending with every passing day. However, a key
indicator suggests that UNI’s bearishness might be reaching the point of saturation, leaving a reversal as the likely option.Uniswap price trading at $4.67 is down by more than 25% in the span of just seven days, adding to the decline in the past three weeks. Since the beginning of the month, the market price of the asset has contracted by over 30%, threatening the recent rally witnessed by investors.
Back in June and July, Uniswap price, in accordance with the rest of the market, shot up by almost 65%, pushing its price from $4.01 to $6.55. But come August, this increase has been nearly wiped out, with UNI standing less than 14% away from falling back to pre-June rally levels.This resulted in significant losses to traders and investors as not only did long positions get liquidated, but the UNI held between $6.55 to the trading price also fell victim to the market’s bearishness.
In all, about 146 million UNI worth more than $681 million lost its profitability. Another 18 million UNI is on the verge of joining the chunk of losses that would happen should Uniswap price lose the support of $4.50.However, there is one positive signal emerging from the bearishness, which is the result of excessive selling by the investors. The Market Value to Realized Value ratio plummeted, bringing the 30-day average return on UNI investment to -23%.
Consequently, the altcoin fell into the opportunity zone, an area historically associated with recovery, which usually occurs due to the exhaustive selling of investors. In the case of Uniswap, this area lies below 16% and was last visited nine months ago, back in November 2022.A similar observation can be made on the Relative Strength Index , which is currently in the oversold zone below 30.0, suggesting a potential recovery is underway.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Vehicle crash blocks I-65 in south Montgomery CountyFirst responders are on the scene of a single-vehicle crash that is causing delays along Interstate 65.
Lire la suite »
El Festival Shorts México ofrecerá mil cortometrajes en 65 sedesEl Festival Shorts México, el evento de cortometrajes más importante de Latinoamérica, ofrecerá 1.000 proyectos en 65 sedes en un formato híbrido en el que el público tendrá acceso a cortos nacionales e internacionales, indicaron este lunes los organizadores.
Lire la suite »