Uniswap Soars 14% In Last 24 Hours – Can UNI Slingshot Past $6?

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UNI has gained 14.2 percent in the last one day as the valuation of Uniswap increased to $1.66 billion. Uniswap founder Hayden Adams has announced a significant upgrade to a decentralized exchange on the company’s official website. blog.

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At the time of this writing, UNI is trading at $6.28, Friday’s data, Coingecko shows, down 8.6 percent over the past seven days.

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Polychain Capital’s most recent funding round has been largely responsible for the increase in valuations. Existing investors such as Paradigm, Variant, SV Angel, and a16z Crypto also participated in the Series B investment round.

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The article claims that the funds will be used to strengthen the ecosystem as a whole, especially in terms of security.

Web3, Here It Comes

The investment round, which is Uniswap’s next funding round in the past few years, was first disclosed in September. Back in August of 2020, the Uniswap protocol received its initial round of funding.

By expanding its web app and developer tools, introducing NFTs, entering the mobile market, and taking other initiatives, Uniswap Labs hopes to make the Uniswap protocol accessible to a wider audience.

The official Twitter account of Uniswap also informed its fans about the news. This inflow of capital will make Uniswap Protocol competitive in the DEX market, allowing it to compete with Binance and Coinbase. This improvement has been made possible by the company’s acquisition of NFT aggregator Genie.

Uniswap: what the chart shows

According to diphylma, the total locked-in value of the protocol increased from its current low of $4.77 billion to $4.83 billion. However, this is slightly lower than TVL’s peak of $5.08 billion on October 13.

At the time of publication, the token is up more than 9.52 percent. This increase came after the rejection of the $7 price range for UNI. UNI’s technology also looks great. The current value of Chaikin’s inflow of money is 0.70, which indicates that the bulls are in control of the market.

Image: TradingView

Momentum also gives a bullish signal, providing a strong buy signal to investors and traders. The current display is part of a wider demonstration that began on 21 September. With the coin currently moving positively, we expect it to test the 50 Fibonacci retracement level.

Current support is located at $5.993, which has shown strength by resisting the most recent decline. Investors and traders can rely on Stoch RSI readings to indicate oversold conditions if the bears ever cross the current bullish momentum.

UNI total market cap at $4.7 billion on the daily chart | Featured image from Forkast, Chart: TradingView.com
Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Credit : www.newsbtc.com

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