Market Volatility Pushes Uniswap Outflows near Double-Digit Weekly
The native token of decentralized crypto exchange uniswap, UNI, is on a downtrend along with other cryptocurrencies. The crypto market is back on a downtrend after a slight recovery at the beginning of the month. The digital asset continues its downtrend, which has seen losses in the past month dampen the overall sentiment in altcoins.
The UNI price has been bullish against the market this year as the community anticipates a vote among other factors. The bullish trend for the asset in recent weeks has waned, leading to sharp losses. The main reason for Uniswap’s downtrend is the reduced trading activity due to the asset going into decline.
Uniswap Nears Double-Digit Losses
Uniswap is down 2.12% in the last 24 hours, with its price at $8.66. This decline puts the weekly figures above other top assets by over 7%, with slight figures. UNI has broken out above many resistance levels this year, following a strong crypto performance in the first quarter of 2024. At the moment, some of the gains have been lost, with bears being the main characters in the last 39 days.
Last month, UNIVERSITY 9% above long-term figures. Despite the sell-off recorded in these weeks, UNI holders have been expressing optimism on social media platforms that prices will rise this month. While some commentators believe a market recovery could occur in July, industry and macro factors need to positively change the upward price trend.
Interest rate cuts continue to be a major topic of discussion this year, with firms expecting a rate cut between September and October. These factors could tip the scales in the market’s favor.
Against the Fall of Assets
Other crypto assets like Uniswap also fell along with the bearish trend. Market leader Bitcoin (Bitcoin) dropped below $60,000 before making a slight recovery above the mark. This downtrend in BTC led to similar moves in altcoins. Ethereum is trading at $3,288 today, down 3.89%, while BNB and solana are down 4% and 7% respectively.
Then read on: These Crypto Stocks Are Falling Amid Q2 2024 Optimism
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David is a financial news writer with 4 years of experience in Blockchain Technology and Cryptocurrencies. He is interested in learning about emerging technologies and has a knack for keeping up with breaking news. Keeping up to date with trends, David has reported on a variety of topics including regulation, partnerships, crypto assets, stocks, NFTs, etc. Away from the financial markets, David enjoys cycling and horseback riding.
The content presented may include the author’s personal opinion and is subject to market conditions. Do your market research before investing in cryptocurrencies. Neither the author nor the publication accepts any liability for your personal financial loss.
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