On Thursday, the $6.7 price range of Uniswap was rebuffed once again. The momentum has slowed on the shorter time frames, which is a bearish indicator for traders and investors. It’s possible that the recent decline in Bitcoin’s value is responsible for UNI’s lag. Statistics show that there is a moderately high relationship between UNI and Bitcoin. Recent price changes for both coins show a strong correlation between them. UNI has been closely following Bitcoin’s price action. As the bearish slump in Uniswap continues into its second day, the currency pair may be retracing its recent gains. As of this writing, UNI is trading at $6.45, up 12% in the last seven days, data from Coingecko show, Friday. Related Reading: ApeCoin Performance Could Attract The Whales – How About The Bulls? Uniswap Indicator: Bearish UNI fell to a closing price of $6.379 yesterday, 7.62% lower than its September 28 closing price of $6.555. Price action in the past is also suggestive of a developing bearish momentum. The momentum indicator is at a bearish low at the moment. Daily and 4-hourly trends tell the same pattern as well. The amount of UNI currency on hand is at an all-time high, per CryptoQuant statistics. Foreign exchange reserves on the rise portend worse conditions. As of this writing, daily UNI transaction volume in the shorter time frames from September 27 to now has been volatile. During this time range on Septembe...
