UNI is the native token of Uniswap and it is a popular Decentralised trading protocol that facilitates automated trading of Decentralised Finance tokens. Uniswap is an example of an Automated Market Maker, (AMM). It was launched in November 2018, and has seen significant popularity due to the DeFi phenomenon. Uniswap aims at keeping token trading fully automated, open to all token owners, and improving trading efficiency compared with traditional exchanges.
UNI traded at $6.83 as of the writing of this article
After taking multiple support levels at $3.5, UNI started to move up and saw a sharp rise up to $7.76. UNI saw some profit booking and made a ‘Doji” candle at the high. This indicated indecision in trend. The asset consolidates in a range of $7.5 to $6.5 on a daily basis. UNI has a strong support level at $6. If the price holds above this support, then the bulls can resume their uptrend. To continue rallying, however, the asset must break above $8 resistance.
Support 2Support 1AssetResistance1Resistance 24.56UNI810.5
Disclaimer: Crypto assets such as Bitcoin, Ethereum Cash, and other crypto assets can be risky. Bitcoin, Bitcoin Cash, Ethereum, etc. These are highly speculative investments and can be subject to market risk. The Author’s analysis is intended to be informative only and should not serve as investment advice.
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