Uniswap, Toncoin, and Arbitrum have been steadily falling under bear control for weeks. Current analysis suggests that altcoin prices may carry the negative trend into next week.
Altcoin investors could not keep UNI price stable despite all efforts
The price of Uniswap, the largest decentralized exchange by trading volume, is down nearly 35% from its first-quarter 2023 peaks. Despite this, Etherscan data shows a steady increase in the number of UNI holders over the past two days.
As of May 13, there were 369,646 UNI holders. The number has since grown to over 370,100. UNI prices remained stable during this time, but investor interest was relatively high.
Prices found support around $4.9, according to the UNIUSDT chart. However, prices have increased by about 10% in the last two weeks to $5.4. Although the number of UNI investors does not directly affect prices, there is a clear relationship between the demand for UNI and the increase in token prices.
Meanwhile, on May 23, Uniswap’s mobile wallet started showing up in the Apple store. Apple previously did not allow Uniswap to be published on the App Store. UNI price failed to price the latest announcement at the expected level due to the ongoing lack of liquidity.
Arbitrum (ARB) price in free fall above 70%
Arbitrum (ARB) has been making waves in the crypto world recently as it has become the 4th largest ecosystem on the market. Despite a sharp 70% drop since the airdrop, Arbitrum’s token continued to attract investors. It is currently trading around $1,158, down slightly from $1,1808 on April 18.
According to Deebs, Arbitrum has emerged as a key player in TVL, raising $2.3 billion. This places the project in 4th place by TVL, outpacing most of its competitors. Additionally, since the launch of Arbitrum, the value of stablecoins has increased by over $500 million in just two months. At its peak, the network’s active user base reached over 600,000, outpacing Optimism (OP).
Despite this impressive improvement, the price of ARB has dropped by a significant 70% since the airdrop. There has been very little positive price action since then. However, DeFi researcher Deebs believes this drop in price could be a sign of a hidden gem in the market.
One of the main factors that make Arbitrum an attractive investment opportunity is its high TVL, user base and liquidity. In fact, Arbitrum has the highest liquidity of all Tier 2 (L2) networks since launch, and the third highest of all networks in DeFi Llama.
Toncoin (TON) continues bearish trend under bears control
TON price started the week on a negative note. With its ongoing downward movement, the last 30-day depreciation reached 12%. In detail, it witnessed a sharp price drop from $2.03 to its current value of $1.92 on May 23. This price drop represents a 6.89% loss.
According to the market sentiment indicator, the current market sentiment is bearish, while the Fear and Greed index value is neutral at 49. In particular, a Fear and Greed index value below 50 indicates an increased downward trend.
Conversely, $2,080 acts as a strong resistance for a potential upside move. Toncoin is currently trading below the 50-day and 200-day Simple Moving Average (SMA). SMAs formed a Death Cross in the TON market on May 21, 2023.
On the other hand, the RIS momentum oscillator value is 40.98 and below. The RSI is a popular indicator that shows whether a cryptocurrency is oversold or overbought. Also, the demand index for the TON/USDT pair is at -0.449. This shows the relatively weak demand for the altcoin.
A sub-zero demand index is generally considered to be the absence of buying pressure. It also indicates that selling pressure outweighs buying interest. Additionally, Toncoin is heading towards the bottom of the Bollinger Band indicator. This marks an increase in selling pressure and high bearish momentum.
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