– Uniswap (UNI) has surged in the social dominance department, peaking on December 25 at 20.46%.
– UNI price drops 1.26%, with critical support spotted at $5.09.
– Technical indicators show that sellers are more aggressive than buyers in the coming days, forming a descending triangle pattern.
Uniswap (UNI) has been making waves in the crypto space, reaching a peak in the social dominance department on December 25 at 20.46%. This surge in the social arena has been driven by the increased adoption of decentralized finance (DeFi). It has become one of the leading protocols in the DeFi space, allowing users to trade tokens through decentralized exchanges.
In terms of its price performance, UNI has dropped 1.26%, with critical support being spotted at $5.09. This decline could be attributed to the bearish sentiment in the market, as the coin still looks bearish. This could linger on for quite some time according to data by CoinMarketCap, with UNI trading at $5.07 and down 5.2% in the last seven days.
Looking at the technical indicators, it appears that sellers are more aggressive than buyers in the coming days. Uniswap is currently forming a descending triangle pattern, which indicates a long-term bearish trend. The upper Bollinger Band sits at $5.25, while the lower Bollinger Band is currently at $5.32, thus further indicating a bearish trend. This market pattern is expected to continue for an extended period.
Overall, Uniswap has been performing well in the social arena, but it looks bearish in the short-term. Its technical indicators suggest that the sellers are more aggressive than the buyers, which could lead to further price drops. However, Uniswap still has potential and it will be interesting to see how it performs in the coming days.