The recent market rally has spurred Uniswap (UNI) to attempt a break above the upper line of its horizontal channel. However, as bearish forces dominate the market, the price of the L2 token might head back toward support. Mallconomy is poised to revolutionize the e-commerce industry with its innovative approach to Metaverse shopping. With a unique Browse-to-Earn model, AI-powered sales assistance, and a commitment to community-driven commerce, Mallconomy stands out as a top presale opportunity in the current market.

Uniswap Witnesses Low Market Activity

The general market consolidation has caused the token’s price to trend within a narrow range in the past few weeks, creating a horizontal channel. A horizontal channel is formed when an asset’s price trades within a defined price range for a sustained period. Uniswap formed this channel on April 13, and its price has since bounced between resistance at $8.35 and support at $6.73. At press time, UNI trades at $7.48, rallying toward the upper line of this channel, which forms resistance. However, bearish activity abounds, possibly forcing a price reversal toward support.

Uniswap Whale Transactions. Source: Santiment

UNI’s daily whale transactions have declined in the last month. For daily transactions worth above $100,000, the count has declined by 44%. For bigger transactions worth more than $1 million, the number completed daily has also dropped by over 50% in the past 30 days. 

When an asset witnesses a decline in whale activity, it may experience a drop in trading volume, making its market less liquid. This has played out in the UNI market over the last month, with its daily trading volume dropping by 48% during that period.

Uniswap Open Interest. Source: Coinglass

In addition to reduced whale activity, UNI’s futures open interest has been downtrend in the last week. At $76 million at press time, it has fallen by 5% in the last seven days. On the other hand, UNI’s futures open interest tracks the total number of outstanding futures contracts or positions that have not been closed or settled. When it declines, it suggests that traders are exiting their positions without opening new ones.

Unispwap (UNI) Price Prediction

Readings from UNI’s Directional Movement Index (DMI) confirmed the bearish trend. At press time, the token’s positive directional index (blue) rested below the negative index (red).

When this indicator is set up this way, selling pressure is significantly above buying momentum. Further, the altcoin’s Relative Strength Index (RSI) was 46.62, below the 50 neutral line. This also signaled a preference among market participants for UNI distribution.  

Uniswap Price Analysis. Source: TradingView

The indicator measures the momentum of an asset’s price change. It ranges from 0 to 100, with values above 70 suggesting overbought conditions and below 30 signaling oversold conditions. However, If bearish pressure mounts and UNI reverses its current trend, its price might fall to $7.06 and head toward support at $6.73.

However, if buying momentum intensifies and the token continues its move toward the upper line of the horizontal channel, it may exchange hands at $7.5 before attempting to breach resistance.

Mallconomy: An Immersive Metaverse Integration

Mallconomy’s seamless integration of existing stores or creation of new, bespoke storefronts within the Metaverse landscape elevates brands to new heights of engagement and visibility. By offering a captivating and immersive shopping experience, Mallconomy not only attracts global visitors but also fosters deeper connections with the digital-native Gen Z demographic.

Through visually stunning environments and interactive features, Mallconomy creates a virtual shopping environment that transcends traditional e-commerce platforms, providing users with a truly unique and memorable experience.

$WOOT: A Rewarding Participation with NFTs

Mallconomy’s Browse-to-Earn model incentivizes customer engagement and loyalty by rewarding visitors for every browse and purchase made within the platform. This innovative approach to incentivizing participation not only encourages users to explore the diverse range of products and services available on Mallconomy but also fosters a sense of community and belonging within the Metaverse ecosystem.

Moreover, Mallconomy offers users the opportunity to stake their NFTs to unlock faster rewards in the Rewards Hub, further enhancing the value proposition for participants. By leveraging the power of NFTs, Mallconomy creates a dynamic and interactive shopping experience that empowers users to not only shop but also earn rewards and stake their digital assets for additional benefits.

The post Uniswap (UNI) Struggles to Rally, Mallconomy Presale is a Great Chance in Metaverse and E-commerce first appeared on The VR Soldier.