Uniswap's 80% gains in July are in danger with UNI price painting a classic bearish pattern

Uniswap's 80% gains in July are in danger with UNI price painting a classic bearish pattern


Uniswap (UNI) looks ready to post its best monthly performance in more than a year as it rallied approximately 80% in July, but signs of an extended pullback in the near term are emerging. 

Uniswap price nearly doubles in July

UNI’s price is having one of its best months ever, reaching nearly $9 on July 30 versus nearly $5 at the beginning of the month, best returns since January 2021’s 250% price rally. 

Trending: Ilhan Omar Voted Out Today?

UNI/USD monthly price chart. Source: TradingViewMerge FOMO an UNI “fee switch” proposal

Uniswap’s gains primarily surfaced due to similar upside moves in a broader crypto market. But they turned out to be relatively massive due to an ongoing euphoria surrounding “the Merge.”

Notably, the Ethereum blockchain’s potential transition from proof-of-work to proof-of-stake in September has triggered a

Continue reading


 

Join the conversation!

Please share your thoughts about this article below. We value your opinions, and would love to see you add to the discussion!

Thanks for sharing!
Send this to a friend