UNI, the native token of Uniswap, is a popular Decentralised trading protocol known for its role in facilitating automated trading of Decentralised Finance (DeFi) tokens. An example of an Automated Market Maker (AMM), Uniswap, was launched in November 2018 and has gained significant popularity this year thanks to the DeFi phenomenon and the associated surge in token trading. Uniswap aims to keep token trading fully automated and open to anyone who owns tokens while improving trading efficiency compared to traditional exchanges.
At the time of writing, UNI was trading at $6.83
UNI after taking multiple supports at $3.5 started moving up and witnessed a sharp rally up to $7.76. UNI made a ‘Doji’ candle at the recent high indicating indecision in trend and witnessed some profit booking. Currently, on a daily time frame, the asset is consolidating in a range from $7.5 to $6.5. UNI has a strong support at $6, if the price sustains and holds above the support then we can expect the bulls to resume its up move. However, to further rally, the asset needs to break and close above the resistance level of $8.
Disclaimer: Investments in crypto assets viz. Bitcoin, Bitcoin Cash, Ethereum, etc. are very speculative and are subject to market risks. The analysis by the Author is for informational purposes only and should not be treated as investment advice.