You’ll admit that 2022 hasn’t been lucrative for the cryptocurrency market. Nevertheless, the automated liquidity platform Uniswap (UNI) appears against such narratives. After outshining most top 20 tokens in Q2, UNI is here again.
UNI welcomed Q3 with an impressive run. The alternative token traded at $4.72 on July 1. Nevertheless, it took similar momentum as Q2 to hit $5.62 on July 8. That’s not even the apple of discord. Most leading digital tokens saw substantial gains from July 14 into July 15.
However, the rally was short-lived, with most assets dipping into the red again. Surprisingly, UNI refrained from following the crowd. While publishing this blog, UNI stayed 2.41% up within the past day.
Moreover, it gained around 10.93% over the past week. Meanwhile, will UNI sustain this impressive performance throughout Q3 or impending reversals?
True to the Game?
Uniswap seems to ride lucrative waves from its 4-hour chart. While writing these lines, the RSI (Relative Strength Index) read at 61.89, suggesting an impressive buying strength.
While the indicator declined from its 74.85 overbought regions on July 15, the position still highlighted some buying strength. UNI seems ready to rise towards its April heights at $9.58.
Lucrative Possibilities or Not?
Increasing price would likely see UNI recording surge volumes. Nevertheless, that wasn’t the scenario. On-chain metrics show that Uniswap recorded an uptick in volume change from July 14 to July 15. The metric climbed to 393.96 million from 215.58 million within the timeframe before dropping later.
While writing this content, the trading volume stood at 269.03 million. Meanwhile, Uniswap improved its market capitalization. This index surged from $4.71B on July 15 to $5.06B during this publication.
Moreover, Uniswap’s network activity increased. It surged to 475 from 444 from July 14 to 15. This stability could mean replicating the Q2 performance. Though active deposits soared during the July 16 early hours, it has reduced sufficiently.
Thus, these metrics might not back UNI’s continued price surges. Nevertheless, the asset has a higher probability of improving performance recorded over the past three months.
Stay tuned for upcoming crypto updates.
Editorial credit: FellowNeko / shutterstock.com
