Uniswap gets rejected at $6.6 - Should traders brace for a deep pullback?

Uniswap Price Analysis: UNI Prepares for Pullback

By: Journalist

Posted: November 28, 2023

Uniswap X Trading Volume Hits $1 Billion

Uniswap X has seen a surge in trading volume and developmental activity, indicating a growing demand for open-source trading protocols. The DeFi sector has ranked Uniswap second in terms of development activity, with plans to reduce gas fees and attract more users.

The Near Six-Month Range

Despite its recent surge, Uniswap’s price is still relevant within its six-month range. The price chart shows a healthy bull trend, but a deeper pullback to the $4.9 level is expected based on Fibonacci retracement levels.

Bullish Indicators and On-Chain Metrics

While market structure and momentum favor buyers, on-chain metrics show a drop in network-wide accumulation despite the rise in active addresses. The MVRV ratio indicates increased selling pressure, suggesting a potential deep retracement.

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In summary, Uniswap has experienced a surge in trading volume and developmental activity, but on-chain metrics indicate a potential pullback in the near future. Keep an eye on the price chart and on-chain metrics to make informed investment decisions.

### News source: eng.ambcrypto.com

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