Uniswap (UNI) Price Rebounds After Traders Saw Largest Single-Day Loss Yesterday


The past few days and weeks have been rough for investors in Uniswap’s governance token – UNI. The token launch was surrounded by incredible amounts of hype and even hysteria, which mainly came about because most traders instantly owned at least 400 tokens upon its launch.

This hype allowed its price to rocket from post-listing lows of $1.00 to highs of $8.50, but the hype was short-lived and followed by serious downside.

How To Get Free Crypto  

The cryptocurrency’s price has been caught within a persisting downtrend ever since, unable to garner any strong buying pressure.

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!

One analytics firm noted that yesterday was a particularly rough day for Uniswap token traders, as $2.8 million in capital was flushed out of the crypto after a few major whales exited.

That being said, UNI has seen a notable rebound throughout the past day, which may last significantly longer if bulls can create a short-squeeze that uses the growing number of sell-side positions as fuel for further upside.

Uniswap’s UNI Starts Forming a Long-Term Bottom with Latest Rebound 

Uniswap’s UNI is trading up over 10% at the time of writing, marking a significant rebound from its recent lows of $2.60 that were set yesterday when its price briefly plunged to lows of $2.40.

The v-shaped recovery seen in the time since has been promising and could indicate that further upside is imminent for the token in the days and weeks ahead.

Coinbase Banner  

The Uniswap token’s price tends to closely track the aggregated DeFi sector, essentially making it an index bet on DeFi.

That being said, if this fragment of the market can see a relief rally in the near-term, UNI may also continue higher.

Analytics Firm: UNI Traders Saw Largest Single-Day Loss Yesterday

While speaking about Uniswap token’s recent price action, the analytics firm Santiment explained that yesterday marked one of the worst days ever for UNI traders, who lost $2.8 million in total.

“UNI traders had their largest ever loss yesterday, as $2.8M in capital was flushed after whales sold off their holdings, moving from centralized exchanges to DEX trader wallets. The long/short ratio has been revealing that shorts are becoming more prevalent as well.”

 

Image Courtesy of Santiment.

The strong rebound seen in the time since, however, may signal that yesterday’s decline was capitulation and that significantly further upside could be imminent in the days and weeks ahead.

FreeBitcoin Banner  
Featured image from Unsplash.
Pricing data from TradingView.

Go to Source
Author: Cole Petersen


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.