fxstreet.com 01 Feb, 2021 08:00 am

UNI on-chain metrics spell trouble following a 300% bull rally

The parabolic surge in Uniswap price could be coming to an end as a confluence of technical and fundamental indicators suggest a pullback on the cards

The UNI token saw a 300% surge in its price in less than 20 days starting from January 12, and this surge can be attributed to a multitude of on-chain metrics.A breakdown of this level could signify the start of the correction phase for the UNI token.volume chart The volume surge for UNI token peaked on January 28, but the price continued to surge until January 31, suggesting that the $20 could be the local top.Additionally, whales that hold 1,000 UNI to 1,000,000 UNI have been taking profit or redistributing their holdings since January 24.

At the time of writing, the DeFi token is failing to trade above an immediate demand barrier at $17.6% at the time of writing since January 31, indicating that a correction might be inevitable for the DeFi token.

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