Uniswap (UNI) Struggling after Bear Trend, So Why Is Trade Volume Surging?
Crypto token Uniswap (UNI) has made a lot of waves this year, managing to come up from behind and overtake quite a few other established cryptocurrency assets. It recently experienced a bearish trend that pulled it down 17% to a low of $5.09 (UNI/USD). Today, the coin is back up a bit to $5.31, but it still has a long way to go to make a full recovery.
Trade Volume Skyrockets
What we are seeing right now with this coin is that Uniswap has a trade volume of $59.7 million over the last 24 hours, which is up 45% from the previous day. It looks like investors are buying the dip and hoping that the UNI rate will surge in the near future, and they could be right.
This is a coin that has had some incredible bullish trends over the last year, though the major bullish moment in August did not hold for long. Unlike a lot of other cryptos, though, Uniswap has not trended down overall for the year. It has had a few surges that indicate a level of volatility that makes it attractive to investors. This could be why they are so heavily investing right now as the price is low.
Will Uniswap Rise Again?
UNI lives and dies on its NFT market, which is not as vital as it used to be. The interest in NFTs is waning, as market numbers show, with about a 90% drop in NFT transactions this week compared to the end of November. That could be a fluke that will change very soon, especially as we start heading into the new year, but right now, the market trend on NFTs is not looking positive.
If NFTs do not retain their mainstream appeal, then Uniswap could quickly lose its place in the crypto market. Investors hoping to buy low right now and see a payoff when the price surges should be aware of the inherent risks in putting their money into the new NFT market, especially since the value there can be transient and move with the economy.
ABOUT THE AUTHOR
See More
Sidebar rates
Related Posts
SaveAdd 3440
Join 350 000+ traders receiving Free Trading Signals
Alerts
Rates
Calendar
Signals