The crypto market presented weak price movements this month. Nevertheless, the narrative is different when it comes to Uniswap. UNI refrained from rallying or projecting any momentum for nearly a year.
UNI Price Action
The alternative token battles to recover from May’s bloodbath While publishing this blog. Meanwhile, UNI traded at around $5.6 at this publication. The crypto trades well beneath the crucial support barrier of $8.4. UNI has tested this area several times, and it remains critical for Uniswap’s possible upside moves.
Surprisingly, UNI didn’t see any of its holders leaving the market regardless of all dips and crashes. Uniswap HODLers did not shift over the past months. However, the total UNI holders’ figure did not stay constant. The past month had UNI investors increasing by approximately 3K. While publishing this content, UNI holders hovered at $290K.
Moreover, the May 9 event didn’t faze Uniswap holders as they remain bullish on the tokens. The past 24 hours had investors purchasing around 1 million UNI tokens worth approximately. That emerged after the alt regained 3%.
For now, the only concern remains the tokens correlating with the big coin, Bitcoin. The high correlation has Uniswap investors on their toes should BTC plummet once more. For now, every investor and trader should watch Bitcoin’s price movements, as another plunge would mean bearishness in the whole marketplace.
While writing this content, Bitcoin hovered beyond the $29K value area. Moreover, the bellwether crypto remains vulnerable to declines. For now, only a decisive closing beyond $30K can rescue BTC investors.
Meanwhile, UNI’s network supply remained in losses within the past five months. Such developments might repel new investors, even with massive discounts at $5.6. For now, Uniswap remains better without further bearishness in the coming few months.
Uniswap investors need to watch Bitcoin’s price actions while hoping for the best. Significant uptrends beyond the $30K mark would trigger a bullish reaction in the crypto world. That would see UNI rallying.
Meanwhile, another drop in BTC would cancel upside hopes in the altcoin space. Keep in mind that bears dominate the crypto world. It might be fascinating to watch up-and-coming sessions.