Uniswap (UNI) has surged in the social dominance department, peaking on December 25 at 20.46%. Uniswap is seen to win the popular vote as it topples other cryptocurrencies in the social arena.
Here’s a quick look at how it is performing:
- UNI price drops 1.26%
- Uniswap critical support spotted at $5.09
- UNI dominates the crypto space in terms of social dominance
On the other hand, UNI still looks bearish, which could linger on for quite some time. According to data by CoinMarketCap, UNI price was trading at $5.07, down 5.2% in the last seven days.
Source: CoinMarketCap
The price could even slide further down if the coin fails to hold on to its current support level.
The MACD histogram has fallen below zero, which indicates an increase in the amount of pressure being exerted by sellers.
UNI Technical Indicators: Seller Aggressiveness
Uniswap’s technical indicators show that sellers are more aggressive than buyers in the coming days.
Uniswap, with the daily trading session, hinted at the formation of a descending triangle pattern. It also demonstrates a long-term bearish trend considering that the price dangles within the 100 and 200 SMA.
Chart: TradingView
The upper Bollinger Band sits at $5.25, while the lower Bollinger Band is currently at $5.32, which suggests a bearish trend for Uniswap. This market pattern is seen to continue for an extended period.
UNI total market cap at $3.8 billion on the daily chart | Chart: TradingView.com
On the brighter side, Uniswap’s price may increase once it successfully breaches the $5.4 level. However, if the coin barrels past the key support level, it could aggravate the losses.
Now, in order to reverse the negative sentiment, the bulls should maintain the support level and push the prices way up.
UNI Search Volume Among Traders Climb
In terms of social dominance and volume, UNI sits at 6,902 crests, which means that search volume has increased among the traders.
Traders now see the spike in social dominance as an opportunity to rake in profit from UNI. In fact, Binance funding has increased by 0.009%. However, despite the spike in investor interest, Uniswap still needs to increase in value.
In November, Uniswap rolled out an NFT aggregator as the market was bullish then. However, the tide has turned, and UNI NFTs did not seem to tickle the fancy of many investors as NFT trades have plummeted to only $7,562.
While UNI is dominating social volume and dominance, this might not go on for long, as the social volume and price seem to plunge further in the coming days.