DeFi: Uniswap (UNI), price jumps 15%

Sellers at the local top levels were quick to react to the sudden rise in UNI/USD rates. Uniswap (UNI), which was among the top cryptocurrency tokens in terms of market capitalization, performed well over the past 24 hours. It recorded better gains than Bitcoin (BTC), Ether(ETH) and Binance Coins (BNB) on Wednesday. The UNI/USD exchange rate jumped 13.26% to reach a seven-day high at $25.68. Traders bid higher on the pair as Wednesday approached, pushing it up to $26.07 at one time, more than 15% higher than the previous session’s opening of $22.66. ETH, Ethereum’s native asset, rallied to $3,500 in a 4.57% price increase. Smart contracts platform Solana’s native asset SOL fell 6.47% after a disruption to its network. The performance of the top 15 cryptocurrencies over the past 24 hours. Source: TradingView. At first glance, gains among top tokens, such as Uniswap appeared to have been helped capital rotations out SOL and ADA markets. Detail: Solana’s market cap grew by more than 400% quarter to date following its entry into the booming NFT sector. This gave traders an opportunity to lock in interim profits. The network outage also accelerated the profit-taking situation. Solana mainnet beta is experiencing intermittent instability. This happened approximately 45 minutes ago. Engineers are investigating. Cardano, on the other hand, attracted speculation due to its Alonzo upgrade which made it a smart contract platform for the first-time since its launch. ADA’s 2,500% performance year-to-date gave traders ample opportunities to “sell news” and secure gains. Cardano, on the other hand, attracted speculation because of its Alonzo upgrade. Brendan Murray, content market manager at Flipside Crypto in Boston, cited research by Jr3225 on Twitter. Source: Twitter user Jr3225The study found that many UNI holders did not realize they could claim 9.15 millions of Mirror Protocol’s synthetic asset platform MIR tokens via an airdrop in December 2020. This is in contrast to LUNA stakers who could claim more MIR tokens than UNI holders. Source: Twitter user Jr3225. Tuesday’s report was published by UNI. Source: TradingViewSellers took control of UNI/USD near the confluence. This caused UNI/USD to fall by 4.59% to a low intraday of $24.50. Its next support target will be — again — a confluence at 23.6% Fib ($22.12), and the ascending trendline, which overall constitutes a rising channel. Unless the pair reaches the upper trendline of $42.89, a bearish setup could see UNI/USD fall below the $22.12 Fibline and channel support to target $15.70. You should do your own research before making any investment or trading decision.

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