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- Coinbase is adding Defi Apps including Uniswap to its base blockchain
- Technical indicators of UNI are favoring a downside trend in price.It has seen a drop of 2.4% in the intraday session.
Uniswap is a DEX which allows users to trade Ethereum and other ERC-20 tokens without the need for intermediaries . It uses smart contracts to facilitate trades and manage liquidity. One of the key features of Uniswap is its use of an automated market maker (AMM) system, which helps the asset price to determine the price of asset based on the supply and demand. This is in contrast to traditional exchanges, where prices are determined by buyers and sellers themselves. Uniswap pools are used to facilitate trades, with users receiving a portion of the fees generated by the pool proportional to their contribution to the liquidity. Uniswap has gained significant popularity within the decentralized finance (DeFi) space, with a strong peak in volume. Coinbase may add Defi apps including UNI to its base blockchain. Various analysts are expecting a strong rise in the future.
Uniswap has a market cap of $4.6 Billion and is ranked 18th in the cryptoverse.Volume of the asset price has seen a decline of 7% in the intraday session.Volume to market cap ratio of UNI suggests a consolidated trend in price.
Bears Of UNI Are Pushing Down
The weekly technical chart of UNI suggests a consolidated trend in price. On the daily chart it is trading near the value of $6.12 with a slight drop in intraday session. It has formed a strong bearish candle which can push the asset price down. Resistance of the UNI can be seen near the value of $10.Meanwhile the support of the asset price can be seen near $4.There is a consolidation in the asset price. It is trading below the 50 and 100 Daily Moving Average. There can be a negative crossover which can push the asset price to a new low.
RSI of the asset price is near 47 suggesting its presence in the neutral zone. There is a downside slope suggesting a downside momentum in price.
Conclusion
Uniswap has observed a strong rise among the investors. UNI price is currently seeing a consolidated momentum but can see a new high in the future.
Technical Levels
Major Support: $4
Major Resistance: $10
Disclaimer-
The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
