Growing trading volumes on Uniswap’s Celo deployment contrast with the decline in UNI’s valuation, is a downtrend on cards for the altcoin?
Uniswap faced a potential support breakdown, targeting $4.68.faced significant selling pressure over the past week, with AMBCrypto noting a potential 30% price decline.
Key support at $4.68 aligned with the projected price target from the pennant pattern, marking a floor for this sell-off. Weekly trading on Celo grew from $10 million to nearly $350 million, underscoring Uniswap’s traction in the decentralized finance space.Address analysis revealed a steady increase in long-term holders, with over 360,000 addresses holdingThis rise in holders suggested a core base of long-term investors, providing a degree of stability despite the current sell-off pressure.
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