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Altcoin Thursday: UNI

05 Aug 2021 | ZebPay Trade-Desk

Uniswap (UNI) has been a key beneficiary of the rally that has taken place in the marketplace over the past 2 weeks or so. So far, uniswap has been the highest fee-generating DEFI protocols ever with approximately $1bn in lifetime fees have generated and distributed among the protocol and its users. Even as the asset fell by close to 70% from its highs during the mid-May sell-off, Uniswap volumes have shown 40x year over year growth, and around 900x since January 2020.

At the time of writing, just above $6bn is locked into the pool, making it one of the largest DeFi liquidity pools in the market. The moving averages completed a bullish crossover and RSI suggests that UNI is closing in on the overbought zone, implying that buyers are currently dominating.

Uniswap after taking support around the previous low of $13.9 surged almost by 65% from $14.02 to $23.22. Post this rally, the asset is facing stiff resistance around $23.50 and has made a ‘Spinning Top’ candle in an uptrend indicating indecision. 

Technically, uniswap has made a ‘Double Bottom’ or a ‘W’ pattern with the neckline of $23.5. If the breakout or close occurs above the neckline with good volumes then it may further rally up to the next resistance which is at $30.

Support 2Support 1AssetResistance 1Resistance 2
$13.9$18.5UNISWAP$23.5$30.0

Disclaimer: This report is not intended to be relied upon as advice to investors or potential investors and does not take into account the investment objectives, financial situation, or needs of any investor. All investors should consider such factors in consultation with a professional advisor of their choosing when deciding if an investment is appropriate. The Company has prepared this report based on information available to it, including information derived from public sources that have not been independently verified. No representation or warranty, express or implied, is provided in relation to the fairness, accuracy, correctness, completeness, or reliability of the information, opinions, or conclusions expressed herein. This report is preliminary and subject to change; the Company undertakes no obligation to update or revise the reports to reflect events or circumstances that arise after the date made or to reflect the occurrence of unanticipated events. Trading & Investments in cryptocurrencies viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by Author is for informational purposes only and should not be treated as investment advice.

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