Uniswap Price Up by 7.65% – Time to buy UNI Coin?
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The crypto market is awakening from the bearish run with a readiness to make price corrections, and Uniswap is hitching this bandwagon, motivating investors to buy UNI.
Uniswap is a decentralised trading protocol that aims to keep trading automated and open to everyone by improving trading efficiency versus traditional exchanges.
The protocol exists to create liquidity which improves the value of trading. By automating trades, the protocol incentivises activities by limiting risk and reducing the cost of trading for all parties.
The Uniswap governance token UNI was created to reduce transaction costs as a primary means of exchange and award rewards to platform users.
Evaluating the technical and fundamental indicators will guide us further to understand the price trend of the utility token and know if it is a good time to buy UNI.
UNI Coin Market Position
Uniswap, over the last few days, has been trading sideways in a bid to stabilise its support price before moving on an upward trend in the coming weeks.
The crypto asset currently trades at $18.57, a 7.65% increase in the last 24 hours. Uniswap dominates 0.51% of the entire crypto market and is the 18th cryptocurrency.
The Uniswap utility token has a market cap valuation of $11.5 billion, showing that the asset has made a 7.08% increase in the last 24 hours. The 24-hour trading volume is fixed at $361 million, indicative of a 14.78% decline in the last day.
The ERC-20 token has shot up by 11.30% in the last six months, and year-to-date (YTD) data shows that the asset has amassed impressive price valuations of up to 257.48%. The crypto asset has surged by 289.30% in the last twelve months, a confidence booster for investors looking to buy UNI.
UNI Technical and Fundamental Analysis
The technical indicators confirm that UNI is stabilising its support price as the ERC-20 asset is trading above the 20-day moving average (MA) support price of $16.43.
The 200-day MA shows that the asset is still trying to emerge from the market’s bearish movements with a support price of $22.35, which is above the current price.
The 14-day Relative Strength Index (RSI) reflects that UNI is underbought with a 54.36 figure. On the other hand, the moving average convergence and divergence (MACD) trend line depict a buy signal as the blue line is more dominant than the orange trend line.
The price of UNI is expected to soar in the coming weeks due to some fundamental improvements made to the protocol.
The protocol released the Auto Router V2, which focuses on improving pricing and optimising the gas cost of swap on the Uniswap blockchain.
The new feature will provide users with support for the Uniswap protocol by improving trade prices and routing trades across Uniswap v2 and v3 pools. The Auto Router also finds the best prices across all the Uniswap protocols and optimises gas prices simultaneously.
The Auto Router also comes with new features for Uniswap developers. The first is the ‘swap-and-add liquidity’, allowing developers to provide liquidity with one asset instead of two by automatically swapping to the right ratio. The second is slippage limits that are relative to v3’s time-weighted-average-price feeds.
A new community tool, Uni.Vote has been released to promote gasless voting and delegation on the Uniswap protocol.
The tool allows users to vote by signature, which helps them place votes across Uniswap governance proposals without sending transactions on-chain, enabling voters to save fees.
The Uni.Vote tool will help the protocol gain more insight as more voters come onboard to vote on new projects and weigh their opinions on certain upgrades or proposals.
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