Is Uniswap [uni] Shooting For Stars After Its Listing On Robinhood

In a tweet on 14 July, dealer and cryptocurrency change platform Robinhood announced the addition of Uniswap’s UNI to its crypto buying and selling platform. Following the announcement, the value of the native token rallied by over 20% in the course of the intraday buying and selling session.

Properly, the token is at the moment ranked #18 on CoinMarketCap with a market capitalization of $5.14 billion. At press time it was up by 13% within the final 24 hours. Buyers have continued to fill their baggage with UNI tokens. Here’s a take a look at the token’s efficiency following the itemizing on Robinhood.

‘UNI’-que worth rally

Exchanging arms at $6.97, a 13% uptick was recorded within the worth of UNI within the final 24 hours. This got here after the token registered a excessive of $7.14 within the early hours of the buying and selling session on 15 July. Moreover, inside the final 24 hours of Friday (15 July), an 18.77% uptick was logged within the quantity of UNI tokens which were traded.

Additionally seeing a progress within the interval underneath assessment was the token’s market capitalization. At $5.14 billion throughout press time, the token’s market capitalization registered a 12% progress during the last day. 

On the time of writing, elevated shopping for stress was noticed. On a every day chart, at press time, the Relative Strenght Index (RSI) of the token marked a spot at 67.40 whereas the Cash Circulate Index (MFI) was noticed at 70.32. 

Supply: TradingView

Buying and selling at its January 2021 stage, the value of the token has been on a downtrend since Might 2021. On the time of press, the UNI was 44% shy of its all-time excessive of $84.45 recorded in Might 2021. 

On-Chain efficiency 

Regardless of the addition to Robinhood and a big uptick in worth, UNI didn’t see any traction on the social entrance within the final 24 hours. It noticed a 54% decline in its social quantity. At press time, this was pegged at 54.

UNI, nevertheless, managed to attain a 22% uptick in its social dominance inside the interval underneath assessment. On the time of writing, this was 0.59%. 

Supply: Santiment

Surprisingly, the variety of distinctive addresses that transacted the UNI token within the final 24 hours dropped. 364 addresses at press time, a 74% decline in every day lively addresses on the community was registered within the final 24 hours.

The combination quantity of UNI tokens throughout all transactions accomplished within the final 24 hours fell from 20.33 million to 2.57 million. 

Supply: Santiment

With the RSI and MFI deep in overbought areas, such positions are often adopted by a bearish retracement. Therefore, warning may be required.

Leave a Comment

Your email address will not be published.