Is Uniswap’s ‘F for effort’ failing to lure UNI-que shark investors

ambcrypto.com:

Founded in 2018, Uniswap is a protocol for trading and automated liquidity provision on the Ethereum Blockchain. With a trading volume of $995,227,592 recorded in the last 24 hours, Uniswap ranked first among the top decentralized exchanges on CoinGecko by trading volume.

For context, a total of $2,898,371,175 was recorded across all decentralized exchanges in the last 24 hours and Uniswap held 34.6% of the market share by trading volume.

On 24 May, the protocol announced that it passed a lifetime cumulative trading volume of $1 trillion. It stated further that over the past three years, the cumulative number of users of the Protocol marked a spot slightly above the 3.5 million region this month.

It should be noted here, that launched in September 2020, the Protocol’s native token, UNI has not been able to record any significant growth. Let’s have a closer look.

Launched on 18 September 2020, the UNI token hit the market with an index price of $6.9. Since then, it has been hit by a severe whirlwind of ups and downs. Marking an ATH of $44.97 on 23 May 2021, the token has since shed over 85% of its price. Standing at $5.58 at press time, the token recorded a 2% decline in price in the past 24 hours. 

Source: CoinMarketCap

A look at movements of price charts showed that the year so far has been marked with a bearish bias for the UNI token. At 42 and 57 respectively at press time, the Relative Strength Index(RSI) and the Money Flow Index (MFI) for the token have mostly maintained a position below the 50 neutral region and in oversold positions. 

The position of the 50 EMA lent credence to this stance as it mostly maintained a bearing above price since the beginning of the year. However, between 25 March and 25 April, an ephemeral