Uniswap Up 4.19% – Time To Buy UNI Coin?

Investors are in the market to buy UNI as the crypto asset continues to break resistance and gain grounds.

Uniswap has been one of the crypto assets on an upward march after recovering from the bears that hit the market last week.

Uniswap Market Position

At press time, Uniswap is trading at $22.60, up 4.19% in the last 24 hours. UNI has also been on a bullish run on the weekly margins, gaining 9.01% in the previous 7 days.

Although the digital asset has lost 13.5% in the last month, the year-to-date (YTD) gains tells a different story entirely, with the ERC-20 token up 338.83%. Further corroborating this gain, the digital asset has increased in value by 482.04% in the last year.

The 17th ranked cryptocurrency with a market dominance of 0.54% of the $2.6 trillion crypto market enjoys over $14 billion market capitalisation.

The 24-hour trading volume of the Ethereum-based token shows it has exchanged over $510 million in trade volume, an increase of 27.85%.

Uniswap attained an impressive all-time high of $44.92 on May 3, 2021, and although the decentralised finance (DeFi) token is far from this mark, the signs are good and indicate that UNI will be soon soaring above its previous height reached few months ago.

Technical and Fundamental Analysis of Uniswap

UNI is on a great run, and it is currently trading above the 20-day moving average support price (MA) of $21.74, showing that Uniswap is on a bullish run.

However, the 200-day MA support price of $23.62, which is above the current price of UNI tells a contrary story with a bearish run.

The relative strength index (RSI) of 51.84 shows that Uniswap is still trading in the underbought region. This opens an opportunity for investors to buy UNI now and enjoy massive dividends.

The moving average convergence divergence (MACD) has the blue trend line indicator soaring above the orange trend line, a buy signal.

The impressive gains recorded by UNI in the last day can be tied to the fundamentals of the project, like when Other Internet has announced a $1M grant the company won from the Uniswap grants program.

This grant will aid Other Internet to expand its research program and conduct various novel governance experiments within the Uniswap ecosystem.

Other Internet is an applied research organisation that studies and builds social technology to align technology, values, and culture. This research will no doubt benefit Uniswap tremendously.

Uniswap Labs also recently showcased some exciting highlights that paraded many of the amazing Web3 apps that have been integrated with the Uniswap Protocol and built by members of the community.

Uniswap recently became the largest decentralised exchange (DEX) in the world. This cryptocurrency has great importance as a core building block of how investors facilitate peer-to-peer transactions in the crypto world.

Also, DeFi Technologies announced Uniswap Exchange Traded Product (ETP) to begin trading on Nordic Growth Market through a subsidiary, Valour.

Valour, a Zurich-based exchange-traded product (ETP,) is launching these investment products, bringing in more exposure for UNI.

Speaking about the project, Valour CEO Diana Biggs said: “We are extremely excited with the growth of DeFi and are working hard to bring more innovative products such as Valour Uniswap ETP to market, making this important ecosystem of innovation available via mainstream investment channels for the Nordic markets.”

By gaining exposure to digital assets through Valour, investors will benefit from the risk reduction and operational efficiency a product listed on a regulated stock exchange brings. Without a doubt, this is still the right time to buy UNI.

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