Markets
Uniswap and Bitcoin: A Story of FOMO Amid Market Corrections
- Uniswap saw a FOMO that ushered in the price correction.
- BTC fell from the $69,000 price range.
The price trend of Uniswap [UNI] sparked Fear of Missing Out (FOMO) on June 10, suggesting a potential correction. This correction has already begun, but it may not be due solely to FOMO.
Bitcoin [BTC] has undergone a notable decline and its trend typically impacts the broader market.
Uniswap and Bitcoin: Comparison social metrics
According to recent data from Most Holy, Uniswap saw a spike in its social dominance on June 10th. The data indicated that UNI was the most notable among the assets that registered an increase on that day.
The price surge has drawn significant attention to UNI, creating FOMO.
However, the increase in prices and social dominance was more of a bearish signal than a bullish one, especially considering the concomitant decline in prices. Bitcoinwhich typically influences broader market sentiment.
Source: Santimento
AMBCrypto’s analysis of Bitcoin’s social dominance trend showed that there was no notable movement during the same time period.
Although Bitcoin has maintained higher social dominance than UNI, its trend has appeared relatively normal. As of this writing, BTC’s social dominance is approximately 23%, while UNI’s is approximately 0.5%.
The performance of UNI
A look at The one from Uniswap the daily price showed a 5% increase on June 10, from around $9.80 to $10.30. However, this advantage and more have been swept away.
At the time of this writing, Uniswap was trading at around $9.40, down more than 8%.
Source: TradingView
The decline pushed Uniswap into a bearish trend. Its Relative Strength Index (RSI) showed that it is currently below the neutral line.
This decline is attributed to the increase in FOMO and the recent decline in Bitcoin.
How did Bitcoin fare?
AMBCrypto’s analysis Bitcoin highlighted that it decreased by 0.2% in the last 24 hours, despite the absence of FOMO, unlike UNI. At the time of writing, King coin was trading at around $69,497.
Source: TradingView
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As of this writing, this downtrend has continued, dropping more than 3% to around $67,400.
An analysis of its Relative Strength Index (RSI) showed that it is now below the neutral line, indicating a bearish trend.