Uniswap is a decentralized cryptocurrency exchange protocol that is part of the DeFi ecosystem. Such exchanges operate on smart contracts, which enable permissionless transactions, that operate on the Ethereum network. It is the most popular dapp in the ETH blockchain network.
The Uniswap (UNI) we know about today was not created for transactional purposes. Instead, it was meant to validate the governance of Uniswap development. The more tokens you have, the higher your voting power. By subsequently increasing its circulating supply, the Uniswap development team leaves the governance of this crypto project in the hands of Uni Coin holders.
As it circulated in 2020, it has quickly made its way into the top 10 cryptocurrencies. uniswap It is currently ranked 11th with a market capitalization of $18.5 billion. Out of its maximum supply of 1 billion coins, only 611 million coins are in circulation. Therefore, the valuation of Uniswap is directly reflected in the valuation by the investors themselves.
Uniswap Price Analysis
The fact that the owner of the UNI token owns the Uniswap exchange in terms of further development and voting power makes this coin highly valuable. As of now, Uniswap accommodates daily transactions from over 200 DeFi apps. As trading volumes on decentralized exchanges increase, the value of the Uniswap exchange will increase, ultimately boosting the UNI token valuation. Everything depends on the demand and exchange of ERC-20 tokens, which makes the development of the Ethereum blockchain a stakeholder in its valuation.
Uniswap has jumped from a low of $14.02 on July 21 to a new monthly high of $30.77 on September 01, 2021. With a jump of over 100% in value, there is no way for the UNI token to peak. However, the DeFi space is gaining traction very quickly, and with the level of growth in the ERC-20 token, there is an unexpected possibility of reaching new highs.
After taking support from its 200 DMA line for over a month, Uni Coin is now time for a decisive breakout that will help UNI token reach the $50 level. The MACD is close to signal a bullish crossover while the RSI is trading in the above 70 range, all of which point to substantial bullish potential in the crypto-space.
As can be seen on the chart, there has been a sudden increase in trading volume for the UNI token over the past three days, and as it approaches the upper limit of its tighter consolidation, higher volumes are pushing it to cross the immediate resistance level. will help.
Technically, Uniswap has support at the 200 DMA, near $27, followed by price action support at $20-$25, which would be a good buy zone for this cryptocurrency.
Uniswap is in a clear uptrend, and given the substantial increase in volume, there is no room for retracement. The bullish sentiment on Uniswap could be re-confirmed by the trading price close to the upper band. The RSI indicator is looking at the upper limit of 70 to become an overbought zone. A narrowing at the Bollinger Bands indicates a possible continuation of the upward movement. However, according to us uniswap prediction, take the signals from the daily chart and wait for the success to be confirmed.
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