Uniswap: Investors’ sale of UNI worth $14M is a sign of…

ambcrypto.com:

Uniswap seems to be making headway, not in recovering prices, but in falling to the lowest imaginable levels this month. As a result, investors who have been holding out hope are slowly realizing that they might have to lose their optimism soon.

Although a lot of altcoins are at single-digit multi-month lows, UNI is standing out for being at a 14-month low with the price falling to $7.49. Over the last 2 weeks, this altcoin has registered the highest decline with a figure of 36.86%.

Uniswap Price action | Source: TradingView – AMBCrypto

Investors have already been skeptical about UNI this year, with consistent selling seen in January and February. Some conviction returned in mid-March when UNI shot up to rally somewhat. Alas, it didn’t last long as since mid-April, investors have switched back to their selling mode and sent over 2 million UNI into exchanges.

Uniswap supply on exchanges | Source: Santiment – AMBCrypto

Since late November, investors have only been conducting transactions in losses. The only day transactions were in profit was 23 December, when UNI was up by 12% in 24 hours.

That day, 13 million UNI recorded gains that have never been seen since. 

Uniswap transactions in loss | Source: Santiment – AMBCrypto

However, even among these UNI holders, the ones to suffer the most are the 17k holders who bought their holdings when UNI was at its all-time high.

The likelihood of these investors recording some gains and profits again, ergo, seems very improbable.

Uniswap all-time highers | Source: Intotheblock – AMBCrypto

Furthermore, at press time, the Relative Strength Index for Uniswap was oversold. Technically, when an asset’s RSI is at this position, it usually changes the active trend and makes a run for recovery.

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