Uniswap is currently being triggered in the same way as the rest of the market, but the DEX token has also seen similar cases in the past. This has caused its investors to get so tough that despite that decline, they haven’t really moved yet.
Unswap in the last 24 hours …
… is down almost 26% after the rest of the market. But even Uniswap has not seen good dynamics for a long time.
On the one hand, it has not been able to reach a new all-time high since May and is currently 61.5% below this dip.
Second, the zone between $ 23 and $ 27 has been the seat of UNI several times since May. The USD 27 resistance has been tested and breakouts have failed multiple times. And on top of that, with a look at the rising ADX, it becomes clear that this downward trend for the altcoin is only getting stronger.
Uniswap price promotion | Source: TradingView – AMBCrypto
Thirdly, not only the spot market but also the derivatives market was affected by Uniswap in the past 24 hours. OI is down $ 110 million, the funding rate has gone completely negative, and the market has seen $ 7 million in liquidations, the highest in 3 months in a single day.
Uniswap liquidations | Source: Coinalyze – AMBCrypto
Still, it seems that investors are still a long way from giving up. Her mantra for the past 6 months has been ‘HODLing’.
In fact, they took advantage of the relatively lower prices to pile up more UNI. As a result, Uniswap’s offering on the stock exchanges is continuously decreasing.
The same sentiment is also reflected in UNI’s steadily declining speed, which shows that the token doesn’t change hands much.
Uniswap speed | Source: Santiment – AMBCrypto
Plus, the average coin age is also evidence that investors aren’t in the mood to distribute their holdings for now.
Uniswap medium coin age | Source: Santiment – AMBCrypto
Not only retail investors but whales are consistent with this dynamic as their volume, despite dominating more than 50% of supply, has been meager.
Uniswap whales | Source: Santiment – AMBCrypto
Since UNI investors are brave with losses, they are not allowed to leave the market. However, new investors may want to watch the market for the next 48 hours to find a more suitable entry point.
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