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Reading: The Time May Be Right to Buy This Altcoin!
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COINTURK NEWS > Cryptocurrency News > The Time May Be Right to Buy This Altcoin!
Cryptocurrency News

The Time May Be Right to Buy This Altcoin!

In Brief

  • The sentiment of cryptocurrency investors is mixed and the liquidity shortage is further strengthening the hand of the bears. However, the situation has started to change for altcoins. Especially in the last 24 hours, some altcoins tend to be unresponsive to Bitcoin’s decline. This is exciting because similar patterns are usually seen in intermediate rallies.ContentsUniswap […]
Fatih Uçar
Fatih Uçar 2 years ago
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The sentiment of cryptocurrency investors is mixed and the liquidity shortage is further strengthening the hand of the bears. However, the situation has started to change for altcoins. Especially in the last 24 hours, some altcoins tend to be unresponsive to Bitcoin’s decline. This is exciting because similar patterns are usually seen in intermediate rallies.

Contents
Uniswap (UNI)UNI Coin Comment

Uniswap (UNI)

According to a new report from Delphi Digital, Uniswap is experiencing a period of unprecedented growth in terms of daily active users. Daily active addresses on Uniswap have climbed to levels not seen since May 2021. Although not in terms of price, Uniswap seems to have entered a bull season in terms of activity.

As of May 9, the decentralized exchange registered 25,409 active addresses. Uniswap’s daily active addresses have steadily increased since the beginning of the year, driven by the overall market rally in Q1 and the meme coin craze of the past few weeks. But there is a problem here. The meme coin craze has died down, and if this is the only reason for the rise, the green alarms flashing on-chain may be overdue.

Furthermore, Delphi Digital found that the number of unique wallets on Uniswap has reached its highest level in almost two years, with nearly 80,000 users registered.

UNI Coin Comment

While Uniswap’s network activity increased significantly last year, data from Token Terminal highlighted a downward trend in some of the DEX’s key ecosystem metrics. For example, last year’s transaction volume of $519 billion was down 38%. But is it abnormal? There is a general decline in interest, as evidenced by the shallow liquidity in the markets. Considering that the daily cumulative volume in cryptocurrency markets has fallen to $25 billion, Uniswap has experienced an acceptable loss.

But the erosion in fee earnings brought about by the meltdown in trading volume poses another problem. Annual fees have fallen by 22%, which could have a negative impact on sustainability. The total locked value (TVL) on the network also fell 24% from $3.92 billion.

While UNI’s price is bearish on the daily chart, Chaikin Money Flow (CMF) is sending an early bullish signal at 0.10. This bullish divergence occurs when the price of an asset hits a new low. So the price may have found the bottom. But still, sellers were dominant at the time of writing.

Investors’ risk appetite may increase on closes above $5.2. If the price can win and maintain this zone as support, it can overcome the resistance between $5.6 and $5.67 and retarget $6.48. In the opposite scenario, the bottom support zone of 4.8 remains in place.

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Disclaimer: The information contained in this article does not constitute investment advice. Investors should be aware that cryptocurrencies carry high volatility and therefore risk, and should conduct their own research.

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Fatih Uçar 13 May, 2023 - 12:31 am 13 May, 2023 - 12:31 am
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