platforms across the world, experienced healthy activity amid the market recovery. However, some observations may indicate that a sizable change is about to take place.
For example, Uniswap’s network growth just dropped out of its average 4-week range and is now at its lowest level seen in the same period. The above observation might offer some insights into the current market conditions, and hence the demand for Uniswap. Most top cryptocurrencies traded on the DeFi platform experienced a surge in demand in the last few days. However, theThe outcome reflects the drop in transaction volume observed in the last 24 hours. This is more clearly reflected in the daily active addresses which also dropped significantly during the same period.The aforementioned drop in network activity is reflected in address activity on the network.
Oscillations in the address flows are quite common and do not necessarily suggest a pivot. However, they may be aligned with such a market outcome, especially at resistance zones.has been stuck in a zigzag price pattern since mid-January and has delivered an overall bullish performance in the last seven days. This reflects an attempt to overcome the RSI mid-range.Interestingly, the prevailing demand for UNI we have seen so far has been headed into DeFi.
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Source: CryptoAmb - 🏆 22. / 68 Read more »