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

Analytics platform Santiment looks at two crypto assets that are posting triple-digit growth rates over a relatively short period of time.
Starting with the decentralized finance platform UniSwap (UNIVERSITY), which is up over 150% in a nearly two-month period, according to Santiment.

“Uniswap has soared quite a bit over the past seven weeks, decoupling from the rest of the altcoins on multiple occasions and up 153% since June 18.”

According to Santiment, Uniswap’s daily address activity has increased, and the major holders of the crypto-asset continue to pile up as well.

“It’s also nice to see that sharks and whales are addressing increasing proportions of cryptocurrencies accumulate Uniswap total supply increasing since May. Two weeks ago there was a massive increase in the 100,000 to 1 million UNI addresses in particular. And soon more price increases followed.

investment tip Will Uniswap and Optimism’s Massive Crypto Rallies Continue?  Santiment Analyzes Top Ethereum Altcoins – Crypto News Updates, Crypto Trading News

Speaking of whales, the number of large transactions (which we consider transactions of $100,000 or more) is also rising back to where it was in May. It can be clearly seen that a large cluster of large whale trades formed a week ago just before the big price rally to $9.69.”
Will Uniswap and Optimism’s Massive Crypto Rallies Continue?  Santiment Analyzes Top Ethereum Altcoins – Crypto News Updates, Crypto Trading NewsSource: Santiment
Uniswap is trading at $8.96 at the time of writing.

The crypto analytics firm says that although those who bought Uniswap 30 days ago are seeing double-digit gains, while those who bought the crypto a year ago are still making losses.

Consequently, Santiment says that while Uniswap may fall in price in the short term, it is still undervalued in the long term.

“We can see that the 30-day market value to realized value ratio (MVRV) is currently +22.5%, which is well above the back-tested ‘danger zone’ of +15% or more. But even if intermediate-term trading yields start to overflow, the good news is that long-term traders (in the 365-day MVRV) are still well under water. This means UNI could see a downturn in the next week or two, but over the long term the stock still appears undervalued.”
Will Uniswap and Optimism’s Massive Crypto Rallies Continue?  Santiment Analyzes Top Ethereum Altcoins – Crypto News Updates, Crypto Trading NewsSource: Santiment
The MVRV is the ratio between the current price and the average acquisition price of the respective asset. An increase in the MVRV value indicates an increase in potential profits.

Next consider Santiment Ethereum (ETH) the Optimism (OP) scaling solution. According to the analytics firm, Optimism has undergone a “classic dump-and-pump” move as it surged just over 300% from a July low of $0.45 to a high of $2 in August.

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

The analytics firm says Optimism is a correction of over 30% to a price just above $1,297 based on the Elliot Wave theory.

“Expect a correction soon to around the bottom of wave four, but no more as wave five tends to continue after that.”
Will Uniswap and Optimism’s Massive Crypto Rallies Continue?  Santiment Analyzes Top Ethereum Altcoins – Crypto News Updates, Crypto Trading NewsSource: Santiment
The Elliott Wave Theory states that the long-term price trend of an asset moves in a five-wave pattern, while corrections move in a three-wave pattern.

Featured Image: Shutterstock/Ekaterina Glazkova

Source: Crypto News Deutsch

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