With the crypto-market recovering from the lows of June’s crash, many altcoins have seen unprecedented growth. VeChain, Loopring, andUNI, in particular, has risen significantly over the past few weeks. So much so that it looks likely to replace quite a few other altcoins on the rankings.After almost falling below $3.6 back in June right after the crash, the altcoin took a little less than two months to recover all its losses. In doing so, it rallied by more than 148.
In fact, it also recovered from May’s dip, with the alt on its way to invalidating the losses of April’s crash. Even so, it may not have all the ammunition it needs to breach the $10-mark.This, because the buying pressure, which has been the altcoin’s biggest strength all this while, is going to reach its point of saturation soon.
This can be backed by the depleting supply of UNI on exchanges. The same, at the moment, is at a seven-month low of 59 million. Over the last month, over 4.2 million UNIs amounting to more than $37 million have been bought by investors. This accumulation could be seen continuing till the time of writing as well, but could stop soon.This may be because as visible on the Relative Strength Index , the altcoin is currently overbought in the market due to the FOMO generated by its rally.
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