June 22, 2024

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

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Uniswap Soars 14% In Last 24 Hours - Can UNI Slingshot Past ?

Due to the increased valuation of Uniswap to $1.66 billion, UNI has gained 14.2 percent in the past day. Hayden Adams, Uniswap’s founder, has announced an important upgrade to the decentralized exchange on the company’s official blog.

As of this writing, UNI is trading at $6.28, down 8.6 percent in the last seven days, data from Coingecko show, Friday.

Polychain Capital’s most recent funding round is largely responsible for the increase in valuation. Existing investors such as Paradigm, Variant, SV Angel, and a16z crypto also took part in the Series B investment round.

The money, the article claims, will be used to strengthen the ecosystem overall, notably in terms of security.

Web3, Here It Comes

The investment round, which is the next funding round Uniswap has had in the past few years, was first disclosed back in September. Back in August of 2020, Uniswap Protocol received its initial round of funding.

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

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

Uniswap: What The Charts Indicate

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

At the time of publication, the token appreciated by over 9.52 percent. This rise occurred after the $7 price range for UNI was rejected. The technicals of UNI also seem excellent. The current value of Chaikin’s money flow is 0.70, indicating that bulls are in control of the market.

Image: TradingView

Momentum also suggests bullishness, which provides investors and traders strong buy signals. The current demonstration is part of a wider demonstration that began on September 21. With the token’s current positive momentum, we expect it to test the 50 Fibonacci retracement level.

Current support is located at $5.993, which has demonstrated strength by resisting the most recent decline. Investors and traders can rely on the Stoch RSI reading that indicates oversold conditions if the bears ever overcome 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.