Uniswap recently experienced a surge in its price that led to a Fear of Missing Out (FOMO) on June 10th. This surge in price brought a lot of attention to UNI, and social dominance for Uniswap increased significantly. However, this increase in social dominance and price was seen as a bearish signal, especially with the concurrent decline in Bitcoin, which typically influences the broader market sentiment.
Bitcoin, on the other hand, did not witness any notable movement in its social dominance during the same time frame. Despite maintaining a higher social dominance than UNI, Bitcoin’s trend appeared relatively normal. Bitcoin’s price has also experienced a decline in the last 24 hours, trading at around $69,497 at the time of writing.
Uniswap’s daily price showed a 5% increase on June 10th, but this gain has since been wiped out, with UNI trading at around $9.40, showing a decline of over 8%. The decline in Uniswap’s price has pushed it into a bear trend, with its Relative Strength Index (RSI) below the neutral line. This decline in UNI is believed to be due to the rise in FOMO and the recent decline in Bitcoin.
Overall, both Uniswap and Bitcoin have seen price corrections in recent days, with Uniswap being more impacted by a FOMO-driven surge and subsequent decline. Bitcoin, on the other hand, has experienced a more stable trend but also faced a decline in price. It will be interesting to see how both cryptocurrencies continue to perform in the coming days and how their trends impact the broader market sentiment.
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