• UNI was one of the tokens the leading 500 Ether whales held during this writing.
• MVRV Ratio recorded a surge, though indicators remained bearish.

Most crypto assets have struggled to magnify their values amid the ongoing bear market, and Uniswap wasn’t an exemption. However, even UNI’s underwhelming performance didn’t repel whales. Twitter handles WhaleStat posts while activity updates.

It highlighted that UNI was one of the leading 500 ETH whales held cryptocurrencies. While writing this blog, the UNI price exhibited an approximately 10% seven-day decline. As a result, the alternative token changed hands near $5.30, with its market cap beyond $4B.

What’s Favoring UNI?

Surprisingly, within the past day, Uniswap also joined the list of leading decentralized finance (DeFi) projects in revenue and fees generated on the MATIC blockchain. Meantime, assessing Uniswap’s on-chain clarified why the alt attracted whales.

For example, the asset’s MVRV ratio recorded a brief uptick, revealing a positive sign for the platform. Furthermore, the past week noted increments in development activity, confirming higher developer efforts in improving UNI’s blockchain.

Data from CryptoQuant indicated that Uniswap’s exchange reserve declined, demonstrating reduced selling momentum. Also, the alt recorded upticks in active addresses – a green signal. Nevertheless, Uniswap’s network growth resorted to southward actions – printing a bearish picture.

Bears Remain on the Winning Side

Interestingly, things might not be as lucrative as they appear, with market indicators favoring bears. For example, Uniswap’s CMF (Chaikin Money Flow) displayed a considerable dip – showing sellers’ presence. Also, the Moving Average Convergence Divergence and the Exponential Moving Average demonstrated bearish advantages within the marketplace, reducing the probability of price upsides soon.

Nevertheless, Uniswap’s OBV (on balance volume) maintained a high position – an attractive development for long-term market participants.

Further, bears controlled the broad crypto market. As a result, prices have suffered dips after each rally attempt. The global cryptocurrency market capitalization swayed at $810.53 billion during this publication, reflecting a minor 0.05% 24hr increase.

Also, the world’s largest crypto by valuation, Bitcoin, flashed downside tendencies as it remained below the $17,000 zone. BTC traded near $16,811 during this writing, dropping 0.14% over the past day.

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