Uniswap ($UNI), a prominent decentralized exchange protocol, finds itself in the spotlight once again as market analysts speculate on its future trajectory. According to insights shared by renowned crypto analyst CryptoCapo on his Telegram account, UNI appears to be undergoing a manipulation phase, with potential implications for its price action.
Crypto Capo suggests that a decisive break below the $10 mark could mark the beginning of a distribution phase for UNI, indicating a shift in market dynamics. Currently trading at $12.13, UNI has demonstrated resilience, with a 6.38% increase in the last 24 hours. Its market capitalization stands at $7.26 billion, with a circulating supply of 598.73 million UNI coins.
Despite the bullish momentum indicated by the Moving Average Convergence Divergence (MACD) indicator, which stands at 0.430, traders are advised to exercise caution. The Relative Strength Index (RSI) on the 4-hour chart signals potential overbought conditions, hinting at a possible reversal in price movement. Hence, monitoring for signs of a market downturn becomes imperative for informed decision-making.
However, amidst these speculations, UNI continues to showcase resilience, recording a significant one-hour gain of over 40%, the largest in years. This surge in price followed a groundbreaking announcement by the Uniswap Foundation regarding proposed rewards for UNI holders, fueling optimism among the community.
Moreover, the announcement by the Uniswap Foundation regarding proposed rewards for UNI holders has further bolstered the altcoin’s position in the market. Consequently, UNI emerges as a top performer among altcoins, drawing increased attention from investors seeking opportunities in the burgeoning decentralized finance (DeFi) space.
However, amidst the excitement surrounding UNI’s price surge and proposed rewards program, uncertainties loom regarding its future trajectory. Traders and investors are advised to remain vigilant and closely monitor market developments, especially in light of the ongoing manipulation phase and potential overbought conditions signaled by the RSI. As the crypto market continues to evolve, staying informed and exercising prudence remain essential for navigating the dynamic landscape of digital assets.
