Briefly

• as concerned investors flocked to the leading DEX following the SEC’s crackdown on major CEXs like Binance and Coinbase, the price of Uniswap (UNI) surged by 12 percent last week.
• This week, Uniswap has struggled to acquire new users as the SEC FUD dissipates. For holders of UNI, the 175% decrease in Network Growth is cause for serious concern.
• Additionally, as rival DEXs have begun to encroach on its market share, Uniswap Transaction Volumes have plummeted.

The price of Uniswap (UNI) surged by 12% last week as leading CEXs faced lawsuits and concerned investors flocked to the leading DEX. After failing to breach the crucial $5 resistance level a week later, the price of UNI is down 3%. Will the ongoing lack of traction further aggravate the losses?

Uniswap is still the world’s largest decentralized exchange. However, competition from PancakeSwap and Balancer has been steadily gaining market share in recent weeks.

Will the Uniswap team be able to rouse confidence in the coming weeks in the face of growing community concerns?

Uniswap is Struggling to Attract New Users

Glassnode’s data indicate that UNI has struggled to attract new customers since this week. As shown in the graph below, the number of new addresses created on the Uniswap network has decreased since the most recent high, which occurred on June 10.

Particularly, it decreased by 66% from 733 to 440 new wallet addresses between June 10 and June 19.

By adding up the number of new wallet addresses created each day, Network Growth calculates the rate at which a blockchain network attracts new users. When it continues to fall, it frequently has a negative effect on price, as previously mentioned.

The ongoing decline in the price of UNI may be exacerbated further if this trend does not change.

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Rival DEXs Are Encroaching Uniswap’s Market Share

Uniswap appears to be losing market share to its rival’s Decentralized Exchanges protocols, confirming the bearish outlook. Between June 5 and June 7, when the SEC first announced its lawsuit against Coinbase and Binance, the UNI Transaction Volume quickly increased by 90%.

However, as the graph below demonstrates, it has since decreased by 1,200 percent, from $79.4 million to just $5.93 million as of June 18.

The daily confirmed transactions involving a particular crypto asset are evaluated using the Transaction Volume (USD) metric. Typically, it is directly related to cost.

Unless the Uniswap team is able to reverse this trend, UNI could head toward another price downtrend in the coming days.

If that support folds, as expected, the Uniswap price will likely decline to $3.75.

However, if the UNI price rises above $4.70, the bulls at Uniswap can disprove this bearish narrative. However, as was previously mentioned, some of the 2,300 addresses that hold 5.2 million tokens at a maximum price of $4.70 may present significant opposition.

However, the UNI price may finally reclaim the $5 milestone if that resistance level fails to hold.