Watch the Key On-Chain Metrics to Evaluate Uniswap’s Price Increase
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Contributor
- UNI’s bullish momentum is being supported by increasing trading volume, with the RSI at elevated levels of 68.67.
- A significant rise in open interest is noted; however, decreasing exchange reserves hint at potential liquidity challenges.
Uniswap [UNI] is experiencing notable market enthusiasm driven by robust price increases and heightened trading activity. At the time of writing, the token trades at $7.62, reflecting a gain of 6.52%.
The token has shown resilience above critical price thresholds; nonetheless, questions arise whether it can sustain this upward trajectory or if market dynamics will lead to a retracement.
Significant price fluctuations foster market positivity
The recent surge in UNI’s value includes a striking 58.59% increase in its 24-hour trading volume reaching $168.51 million at present. Such upturns indicate strong trader interest aiming to benefit from UNI’s upward movements.
The technical readings further endorse a bullish standpoint; the Relative Strength Index (RSI) shows a current reading of 68.67—suggesting proximity to an overbought condition though not yet achieving the pivotal level of 70.
The Bollinger Bands (BB) indicate that Uniswap trades near its upper limit at $7.62, often signaling potential for volatility spikes. Thus, traders should closely monitor these metrics as they may suggest forthcoming price stability or breakout scenarios.
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Do On-Chain Metrics Validate The Bullish Trajectory For UNI?
An analysis using CryptoQuant data indicates that on-chain variables complement UNI’s positive market behavior . Over the last day , active addresses saw an uptick of 1 .35 % totaling 65 ,040.
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This growth in active users points towards greater engagement with the Uniswap platform—a crucial indicator for assessing network vitality.
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Additionally , transaction numbers rose by
1 .6 % resulting in approximately
1 ,691 ,000 transactions within this timeframe . The increase across both active addresses and transaction counts showcases an engaged user base likely to bolster continued expansion .
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