2021-2-17 01:09 |
Uniswap has advanced from $5.17 above $23 since the beginning of January, and the current price stands around $20. Uniswap was one of the best performers on the cryptocurrency market in the last several weeks, and as long the price is above $17.5, it remains in a buy zone.
Fundamental analysis: Trading volume has exceeded $100 billionUniswap is a decentralized protocol for automated liquidity provision on Ethereum, and according to the latest news, Uniswap (UNI) trading volume has exceeded $100 billion. Uniswap price is skyrocketing since the beginning of the year, and for now, there is no trend reversal sign.
“Uniswap just became the first decentralized trading platform to process over $100B in volume – an exciting milestone for DeFi. This milestone is a logical continuation of the “DeFi boom” that began last summer,” said the protocol’s founder Hayden Adams this Tuesday.
Uniswap does not require intermediaries or custodians to facilitate trading, and it is important to say that this protocol has a decentralized pricing mechanism. In other words, Uniswap allows users to swap between ERC tokens without the need for an order book.
This is a very successful project that is part of the Decentralized Finance (DeFi) movement, and in this explosive DeFi market rally, a number of crypto tokens have registered staggering growth.
Uniswap monthly trading volume reached $20 billion in January alone, clearly demonstrating the sector’s exponential growth. The daily volume of Uniswap is already above $1 billion, and the price of this cryptocurrency could advance even more in the ongoing bull market.
Technical analysis: Uniswap price is skyrocketingThis cryptocurrency has made a massive jump in a short-time period, but Uniswap’s trading volume remains high. Still, if you decide to buy Uniswap (UNI), you should consider that the price could also weaken in the upcoming days.
Data source: tradingview.comThe current resistance levels are $22.5 and $25; $17.5 and $15 represent important support levels. If the price jumps above $22.5, it would be a signal to trade Uniswap, and the next price target could be around $25.
On the other side, if the price falls below $15, it would be a firm “sell” signal and possibly a trend reversal sign.
SummaryUniswap price is skyrocketing since the beginning of the year, and for now, there is no trend reversal sign. Uniswap’s trading volume remains high, and according to the latest news, it has exceeded $100 billion. According to analysts, Uniswap has a bright future, and the price of this cryptocurrency could advance even more in the ongoing bull market. If the price jumps above $22.5, it would be a signal to trade Uniswap, and the next price target could be around $25.
The post Uniswap could advance even more in the ongoing bull market, but the risk remains very high appeared first on Invezz.
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