- Messari new report has stated that Uniswap V3 has proven to be a “true 10X improvement” in terms of working capital
- Technical indicators are currently favoring a strong upside in UNI. UNI/BTC price has seen a gain of 6% in intraday session.
Uniswap is a decentralized exchange (DEX) that allows users to buy and sell cryptocurrencies in a peer-to-peer manner. It is built on the Ethereum blockchain and utilizes a unique liquidity pool model to facilitate trades.One of the key features of Uniswap is its ease of use. Anyone with an Ethereum wallet can connect to the platform and start trading almost instantly. This is in contrast to traditional centralized exchanges, which often have strict registration and verification processes.Another advantage of Uniswap is its focus on automation. The platform uses smart contracts to automatically match buyers and sellers and facilitate trades. This means that there is no need for a third-party intermediary, which makes the process faster and cheaper.
Another advantage of Uniswap is its liquidity pool model. Instead of matching buyers and sellers directly,
Uniswap allows users to provide liquidity to the platform in the form of cryptocurrency pairs. This liquidity is then used to facilitate trades between users. The benefit of this approach is that it allows for more efficient trading, as there is always a supply of assets available to be traded. Uniswap is currently ranked 17th in the cryptoverse and has a market cap of $4.5 Billion and can see a strong rise in the future.
Technical Indicators Are Favoring UNI Upside
The weekly technical chart of the Uniswap suggests a consolidated trend in price. On the daily chart it is trading above the level of $5.9 and has seen a gain of more than 6.52%. Resistance of UNI can be seen near $8. Meanwhile the support of the asset price can be seen near $4. It is currently trading above the 50 and below the 100 DMA. There can be a positive crossover which can push the price to a new high. Various analysts are expecting a strong growth to $10 in the near future.
Conclusion
Uniswap has been recently praised by a report from Messari. UNI price is currently in a strong upside trend and is ready to move for a new high.
Technical Levels
Major Support: $4
Major Resistance: $8
