Site icon WikiSlon

Will Uniswap and Optimism’s Massive Crypto Rallies Continue? Santiment Analyzes Top Ethereum Altcoins

Analytics platform Santiment is looking at two crypto assets that are posting triple-digit increases over a relatively short period of time.

Starting with the decentralized finance (DeFi) platform UniSwap (UNI), Santiment Says The value of the crypto-asset has increased by more than 150% in a period of about two months.

“Uniswap has been in a complete rupture for the past seven weeks, breaking off from the rest of the altcoin stack in several instances, jumping +153% since June 18.”

According to Santiment, Uniswap’s daily address activity has surged and crypto-asset holders continue to build up.

“It’s also great to see that shark and whale titles are accumulating heavier percentages and heavier than Uniswap’s overall supply since May. UNI’s 100 to 1 million titles, in particular, saw a massive uptick in the backlog just two weeks ago. The price hike soon followed. continuous.

And speaking of whales, large transaction volumes (which we consider to be transactions of $100,000 or more) are rising back to May levels as well. We can clearly see the plethora of big whale trades that started forming a week ago, before the massive price hike to $9.69.

Source: Santiment

Uniswap is trading at $8.96 at the time of writing.

The crypto-analytics firm says that while those who bought Uniswap 30 days ago saw double-digit profits, those who bought the crypto-asset a year ago are still losing out.

Thus, Santiment says that Uniswap may drop in price in the short term but is still undervalued in the long term.

“We can see that the 30-day market capitalization to realized value (MVRV) is currently at +22.5%, well above the recently tested ‘risk zone’ of +15% or more. But even as trading returns start to exceed In the medium term, the good news is that the long-term traders (in the 365-day MVRV) are still under water.This means there could be a pullback coming in the next week or two for UNI, but its future appears to be in the longer term. Long is still undervalued.”

Source: Santiment

MVRV is the ratio of the current price and the average purchase price of a given asset. An increase in the value of MVRV indicates a rise in potential earnings.

Next santiment look In Ethereum (ETH) scaling solution optimism (OP). According to the analytics firm, optimism underwent the “classic dump and pump” move as it rose just over 300% from its July low of $0.45 to its August high of $2.

Optimism is trading at $1.93 at the time of writing.

The analytics firm says that the optimism could undergo a correction of more than 30% to a price just above $1,297 in the short term based on the Elliot Wave theory.

“Expect a correction around the bottom of the fourth wave soon, but no more, as five waves tend to continue after that.”

Source: Santiment

Elliott Wave Theory states that the long-term price direction of an asset is moving in a five-wave pattern while corrections are moving in a three-wave pattern.

Don’t miss out – sign up to get encrypted email alerts delivered straight to your inbox

Check price action

Follow us TwitterAnd the Facebook And the cable

Surf The Daily Hodl Mix

Check out the latest news headlines

& nbsp

Disclaimer: The opinions expressed in The Daily Hodl are not investment advice. Investors should perform their due diligence before making any high-risk investments in bitcoin, cryptocurrencies, or digital assets. Please be aware that your transfers and transactions are at your own risk, and any losses you may incur are your responsibility. The Daily Hodl does not recommend buying or selling any cryptocurrency or digital assets, and The Daily Hodl is not an investment advisor. Please note that The Daily Hodl is involved in affiliate marketing.

Featured image: Shutterstock / Ekaterina Glazkova

Source link

Exit mobile version