Uniswap leads other major cryptos in social dominance despite falling prices

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Uniswap (UNI) surged into the social dominance department, peaking on Dec. 25 at 20.46%. Uniswap is considered winning the popular vote as it topples other cryptocurrencies in the social arena.

Here is an overview of its performance:

UNI Price Drops 1.26% Critical Uniswap Support Spotted at $5.09 UNI Leads the Crypto Space in Social Dominance

On the other hand, UNI still looks bearish, which might persist for some time. According to data from CoinMarketCap, the UNI price was trading at $5.07, down 5.2% over the past seven days.

Source: CoinMarketCap

The price might even drop further if the coin fails to hold its current support level.

The MACD histogram has fallen below zero indicating increased pressure from sellers.

UNI Technical Indicators: Seller Aggressiveness

Uniswaps technical indicators show that sellers are more aggressive than buyers in the coming days.

Uniswap, with the daily trading session, hinted at the formation of a descending triangle. It also demonstrates a long-term downtrend given that the price is swinging between the 100-200 SMA.

Chart: TradingView

The upper Bollinger Band sits at $5.25, while the lower Bollinger Band is currently at $5.32, suggesting a bearish trend for Uniswap. This market pattern is expected to continue for an extended period.

UNI Total Market Cap at $3.8 Billion on Daily Chart | Chart: TradingView.com

On the positive side, the price of Uniswaps may rise once it successfully breaks through the $5.4 level. However, if the coin breaks above the key support level, it could compound the losses.

Now, in order to reverse the negative sentiment, the bulls should hold the support level and push the prices higher.

Increased UNI search volume among merchants

In terms of social dominance and volume, UNI sits at 6,902 peaks, which means search volume has increased among traders.

Traders now see the surge in social dominance as an opportunity to profit from UNI. In fact, Binance funding increased by 0.009%. However, despite the spike in investor interest, Uniswap has yet to increase its value.

In November, Uniswap rolled out an NFT aggregator when the market was then bullish. However, the tide turned and UNI NFTs did not seem to tickle the imagination of many investors as NFT trades dropped to just $7,562.

While UNI dominates social volume and dominance, it might not last long as social volume and price look to dip further in the coming days.

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