UNI's 80% July Gains Are In Danger After Bearish Pattern Emerges

UNI's 80% July gains are in dangerous waters as a new bearish pattern emerged and risks another drop from the current levels in the bearish setup so let's have a closer look today at our latest altcoin news.

Timeline of Uniswap

DeFi coins Lido, Curve, and UNI jumped by double digits as the markets rebounded and are among the top gainers to a $1.1 trillion market cap so let's read more today in our latest cryptocurrency news today.

Uniswap [UNI], one of the largest decentralized exchanges, is looking into the activation of protocol fees. The decentralized network community recently initiated discussions on how to efficiently activate protocol fees.

Uniswap price analysis shows that the UNI/USD pair has been on a bullish trend since the beginning of today. The prices reached a high of $8.40 yesterday and have been consolidating since then.

Uniswap's community took a big step towards its “fee switch,” which could have significant implications for both the Uniswap protocol and all UNI token holders. The fee switch has been the subject of long debates in the DeFi community, thanks to its potential implications on the community.

Despite the rocky week for crypto, Uniswap (UNI) was able to maintain its upward trajectory. Wallets holding between 10,000 and 1 million UNI coins have added about 10.7 million more UNI tokens.

Large Uniswap (UNI) holders are heavily accumulating the crypto asset, according to the analytics firm Santiment. Santiment notes that addresses holding between 10,000 and one million Uniswap have added 10.74 million more UNI to their holdings from July 8th to July 24th, a trove representing 1.1% of the asset's total supply.

The Uniswap (UNI) price resonated between the $7.5 and $6.6 barriers for the past two weeks, indicating uncertainty among market traders. This consolidation was meant to show sustainability above the $6.6 flipped support.

With the month so far marked by a bullish correction in the general cryptocurrency market, the big whales holding the UNI token have ramped up accumulation. According to data from Santiment, Since 8 July, wallet addresses holding between 10,000 and one million UNI have collectively added 10.74 million more UNI tokens to their crypto holdings.

Uniswap price analysis reveals that the market is following a dormant trend below the $7.5 mark and is likely to remain there. The prices opened at $7.41 and have been consolidating below the $6.9 mark since then.

The recent crypto credit crisis has shown the resilience of DeFi protocols as opposed to centralized lenders. Among those is Uniswap which has managed to stay afloat in these intense market conditions.