- UNI is now trading at a level of price last seen in January 2022.
- Although the buying pressure continued, its Chaikin Money Flow(CMF) hints that a possible decline is on the horizon.
The value Uniswap Governance Token UNI The price of the stock rose to its highest intraday level since January 2022 on 6th march.
The price of many popular crypto assets fell following a snapshot. poll The proposal is to reward holders of UNIs from the revenues generated by the decentralized exchange (DEX).
It is not a proposal Uniswap, in a letter dated February 23, laid out their plans to change the protocol’s fees mechanism so that holders of UNI tokens who have staked and delegated their tokens will benefit.
This is according to DEX. upgrade The initiative aims to encourage holders of UNI tokens to engage more actively in discussions and take informed decisions about the future of the protocol.
All votes were cast in the snapshot poll that was launched on 1st March to gauge the community’s sentiment about the proposed restructuring of DEX’s governance.
Uniswap has announced that the voting process for the proposal on the chain will begin on 8th March.
UNI sees gains, but…
At the time of press, UNI changed hands for $15.04. According to CoinMarketCapThe altcoin reached a price of $17 for the very first time since 2022, before reverting to the $15 region.
Despite the price decline, demand for UNI remained strong. The token’s 24-hour chart shows that the buying pressure outpaced the selling pressure.
At the time of publication, both its Money Flow Index (MFI), and Relative strength index (RSI), returned values 76.16 and 66. These values show that despite a small price correction, spot market participants have continued to purchase.
UNI’s Average Directional Index confirmed that the market was in a bullish trend. This indicator indicated that, at 41.59 points, the bears would have a difficult time regaining control of the markets in the near term.
Similarly, UNI’s positive directional indicator (green), rested over its negative index (red). If the Directional Movement Index for an asset is in this position, it indicates that the positive movement of prices is greater than the negative.
Realistic or not: Here’s what you can expect UNI’s market cap in BTC’s terms
Despite UNI’s price growth over the last few weeks, this divergence is bearish. The Chaikin Money Flow has been trending downwards, creating a bearish Divergence.
This indicator measures how much money is flowing in and out. If a divergence occurs, it indicates the possibility of an asset’s price reversal.
“This article is not financial advice.”
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Source: ambcrypto.com