- Some technical indicators supported UNI’s bullish story.
- Whales were still bearish, as evidenced by their lower long exposure.
Decentralized Exchange Currency (DEX) Uniswap [UNI] Things have been fairly quiet in recent days, with insignificant growth of 0.86% in the past week, according to CoinMarketCap.
The token’s unimpressive gains kept traders away as daily trading volume fell sharply since the start of the month, AMBCrypto noted using Santiment data.
Source: Santiment
Time to collect UNI?
However, the situation could be changing for the better, if a recent analysis by a leading technical analyst is to be believed.
Ali Martinez saw a buy signal while analyzing UNI’s TD Sequential indicator on the 4-hour chart, indicating an “impending price rise” in the coming days.
AMBCrypto examined UNI’s other technical indicators to determine the validity of the above claim.
The Relative Strength Index (RSI) slowly approached neutral levels, a sign that the bears were becoming exhausted.
Furthermore, the Moving Average Convergence Divergence (MACD) crossed the signal line, which is generally viewed as a bullish signal by most technical analysts.
Source: trading view
Whales refuse to go long on UNI
While technical indicators showed bullish signals, the UNI whales were yet to act.
According to AMBCrypto’s analysis of Santiment data, large transactions involving UNI have gradually declined since the beginning of the month.
However, opposite trends emerged from different user cohorts.
While addresses with balances of 1,000–10,000 saw a drop in their holdings, the group with 10,000–100,000 tokens has increased sharply over the past 24 hours.
Source: Santiment
It turns out that whale investors have been bearish on UNI for quite some time.
The negative values of Hyblock Capital’s whale vs. retail delta indicator showed that whales have less long exposure than retail investors on Binance.
Source: Hyblock Capital
Volumes are falling sharply
Meanwhile, Uniswap remained the market leader in the DEX industry. The company completed transactions worth $5.58 billion last week DeFiLlama.
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This was more than the combined weekly volumes of the second and third ranked DEXs on the list.
That said, weekly volume was down nearly 30% from the previous 7D period, which might worry proponents.