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- 1 The short liquidation is highest against the long liquidation.
- 2 The Uniswap crypto is trading at $6.124 with a 1.83% increase in the last 24 hours.
Uniswap is a protocol on the Ethereum blockchain that lets users trade Ethereum-based tokens directly and securely from their wallets, without a middleman.
It uses a new automated market maker (AMM) model instead of a traditional order book, which allows users to provide liquidity and earn fees on their deposited tokens.This system makes sure that there is always enough liquidity for trades, even for less popular tokens.
UNI is a governance token that belongs to the Uniswap decentralized exchange protocol, which was released in September 2020.
The UNI token plays a key role in the decentralized governance of the protocol, giving the community a voice in the platform’s future development and updates.It also connects the interests of various stakeholders in the ecosystem, such as liquidity providers, traders, and developers.
UNI is mainly used for governance purposes, letting token holders take part in decision-making processes related to the Uniswap protocol, such as proposing and voting on improvement proposals.
Besides, UNI holders may be able to receive rewards or incentives through various liquidity mining programs, fee distributions, or other benefits, depending on the governance decisions made by the community.
UNI was made by the Uniswap team, which includes the founder Hayden Adams, who was motivated by a post from Ethereum creator Vitalik Buterin on automated market makers. The team consists of skilled developers and researchers focused on building a decentralized financial infrastructure.
The UNI token was launched in September 2020 as part of Uniswap’s efforts to decentralize the protocol and empower its community to actively participate in its governance and future development.
Uniswap crypto’s (UNI) open interest is $101.97 Million, it fell by 0.59% in the previous session.
The long versus short ratio for 24 hours is 0.9099. The short liquidation is $15.16K versus $45.85K for the long liquidation.
Uniswap crypto is trading at $6.124 with a 1.83% increase in the last 24 hours.
Uniswap Technical Analysis On Daily Timeframe
It seems like the UNI crypto is ready for a spectacular rally ahead, as it harnesses strength to blast through the hurdles and skyrocket to new highs from the current base zone.
If the buyers maintain the pressure, the UNI price could surge from the current level. The next target for the UNI price is $6.600. However, if the Uniswap crypto price fails to stay above the $5.600 level, it could decline further.
The UNI price is higher than the 20-day and 50-day exponential moving averages
This indicates that the EMAs are providing a strong support for the UNI price, as they are following the price and stopping it from falling further. Therefore, the UNI price trend is positive and rising.
Conclusion
The Uniswap price movement on the daily chart shows a bullish outlook and the technical tools also indicate the same. Furthermore, It seems like the UNI crypto is ready for a spectacular rally ahead, as it harnesses strength to blast through the hurdles and skyrocket to new highs from the current base zone.
Technical Levels
Support Levels: $5.600
Resistance Levels: $6.600
Disclaimer
In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
With a background in journalism, Ritika Sharma has worked with many reputed media firms focusing on general news such as politics and crime. She joined The Coin Republic as a reporter for crypto, and found a great passion for cryptocurrency, Web3, NFTs and other digital assets. She spends a lot of time researching and delving deeper into these concepts around the clock, and is a strong advocate for women in STEM.
