Crypto analyst Ali Martinez made a quick report or analysis of the Uniswap token on his Twitter page. So, there was good news and bad news from his analysis. Before continuing your read, note that this is just an opinion from an analyst and not financial advice.
Decentralized exchange Uniswap (UNI) Shows Strong Selling Pressure
- According to a new analysis from a renowned crypto analyst, Decentralized exchange Uniswap (UNI) is showing huge selling pressure. So, there wasn a provision of certain insights by this analyst, making things much clearer about the position of Uniswap.
- According to this analyst, the current situation of the Uniswap token is high network activity along with significant selling pressure. So, with the support of on-chain data from IntotheBlock, it shows the current market situation of this token. The truth is that a lot of investors of the Uniswap token are experiencing massive losses. So, data from IntotheBlock shows that as many as 87% of Uniswap holders are in losses.
- This makes Uniswap join tokens like Dogecoin, Floki Inu, and Shiba Inu within the percentage of the holder’s losses. Moreover, only around 10% of holders are making profits on this token. So, only around 3% are neither making profits nor losses. However, Crypto analyst Ali Martinez says there’s hope for this token despite the current market situation.
Hope for Uniswap Token as Institutional Investors Get Interested
- One of the things Crypto analyst Ali Martinez is pointing out is the number of interest in the Uniswap token. So, there’s still hope for UNI in the market, and there are chances of a massive breakout. There are an increasing number of UNI transactions in the crypto market involving whales. So, this can only mean one thing. Institutional investors are now having interest in this token. Furthermore, investing is basically positioning for when there will be a price breakout. So, the shrimp (personal investors) might have to start making preparations for a potential UNI price increase.
- According to analyst Ali Martinez, these institutional investors are strategically investing or positioning themselves for Uniswap’s upcoming major rally. So, he even said there are key levels to watch out for. At the time of making his analysis, Ali said the key support level for UNI is currently around $4. So, two important resistance walls need to be overcome for a bullish breakout. The first is at $4.23, where 7,000 wallet addresses collectively hold 14.24 million UNI tokens. So, the second is at $4.45, with 2,000 wallet addresses holding 10.28 million UNI tokens. Once the UNI token breaks this level, then there are massive chances of a bull market.
Conclusion
Crypto analyst Ali Martinez made reports of how the UNI token is still suffering from a low percentage of profits. However, there are chances of this token having a major breakout in the market. So, according to the charts, Uniswap needs to break the $4.23 and $4.45 levels for a massive price increase.
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The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.
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