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You are here: Home / News / DeFi / Uniswap’s UNI Could Head For A Recovery Despite Capitulation
Uniswap

Uniswap’s UNI Could Head For A Recovery Despite Capitulation

November 8, 2020 by Reena Shaw

The tokens of prominent decentralized finance [DeFi] projects have witnessed a dull price movement so far. Despite their initial success, owing to the massive FOMO that drove the token’s valuations, currently, signs of recovery looked bleak.

Uniswap’s native token, UNI has also seen massive capitulation over the course of several weeks which has triggered a significant decline. However, according to the blockchain intelligence platform, Santiment, an articulated Uniswap holders capitulation may build nice reversal momentum.

Uniswap’s UNI Token Gears For Bullish Reversal

1 1

MVRV Opportunity/Danger Zones essentially relies on average trader returns from various timeframes to determine danger zones or sell points and opportunity zones or buy points. During times when average trader returns are low, MVRV views the metric as a bullish signal. According to the latest Santiment charts, UNI has a very low average trader returns, this was indicative of a low-risk opportunity to start entry and thus push the price higher.

A Potential Volatility Lurks in the Corner

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According to the latest insight by Santiment, UNI’s saw the greatest spike ever, in terms of Token Age Consumed. The metric suggests the number of tokens/coins changing addresses on a particular date, multiplied by the days since it last moved. In short, it provides data on the movement of dormant coins. For UNI, the spike meant that a significant amount of previously dormant tokens/coins were moved either between exchanges or wallets.

This pointed towards incoming volatility within the Uniswap market.

UNI’s Price Takes A Hit; But Metrics For Holders Appear Bullish

uniswap charts

Additionally, the count for the non-airdrop holders has increased over time. This was a positive indicator signaling a rising interest in the coin. Over the past 24-hours, UNI was down by 8.74% which drove its coin to $2.64. However, UNI appears to have bottomed out at $1.79 on the 5th of November. If this narrative holds true in the coming days, UNI could witness a surge to its critical resistance of $3.28.

Filed Under: DeFi, News Tagged With: UNI, Uniswap

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