Though Uniswap could have bragged about its platform controlling nearly 50% of Polygon’s market share within three months, its price remained deep in the red.
While publishing this article, UNI traded at $8.45, dropping approximately 4.89% within the past 24 hours. Also, the alt remained 7.01% down over the previous seven days. Furthermore, Uniswap supply on exchanges surged at this publication and maintained uptrends since mid-April. That can explain why the alt has plunged at that time.
On the other side, risk-averse traders have some good news. The Bollinger bands indicator shows the bands closing the gap, signaling less volatility and a potential breakout in the coming future.
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Meanwhile, the latest red candlestick breached the lower band, showing an oversold condition for the alternative token. That can attract some investors to purchase the UNI dip.
Market participants should watch how Uniswap whales have transacted over $1 million (since April 21). As UNI registered slight recovery actions at this publication, investors should watch whether whales will accumulate or book profits.
Meanwhile, Uniswap development activity presented a positive case for the alt. This metric has seen sharp surges since mid-January 2022. Also, the project achieved new development activity ATH in April. That shows developers’ hope in UNI despite the declining prices.
As Uniswap hits exchanges, Ethereum could surprise investors as it records the opposite. Ether saw about $3.9 billion joining crypto exchanges while $5.3 billion left. That resulted in net flows of around -$1.4 billion.
Uniswap exchange enhances its security, preventing illegal transactions on its platform. The platform introduced screening procedures to monitor addresses with its front end.
Uniswap stated that the move intends to suspend wallets associated with illegal undertakings such as stolen or hacked funds, terrorism financing, sanctions, human trafficking, CSAM, and ransomware.
For now, Uniswap attempts to recover after succumbing to the broad market downfall. The overall market saw slight surges over the past day. Bitcoin climbed to trade at $40,614.71 at this publication. Also, the global crypto market capitalization noted a 3.40% surge within the previous 24 hours to $1.87 trillion.
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Stay tuned for upcoming market developments.