UNI: Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens. It creates greater efficiency by solving liquidity issues through automated solutions. In September 2020, Uniswap went a step further by creating and awarding its own governance token, UNI, to past users of the protocol. This added both profitability potential and the ability for users to shape its future—an attractive aspect of decentralized entities.
UNI has a market cap of $3.12 Bn as of date, and the overall crypto market cap stands at $3.02T. On the weekly chart, UNI formed a recent low of $4.620, hit a lower support level, and bounced, indicating buying interest at lower levels. On the downside, strong support is seen at the $4.012 level.
Technical Chart of UNI
On the weekly chart, UNI price is trading below its Simple Moving Average (14 & 21 periods) levels of $5.6088 and $5.4770, indicating minor resistance in the coming sessions.
On the weekly chart, the Relative Strength Index (RSI) is at 37.63 and the Stochastic is at 17.84, indicating an oversold zone and a potential reversal.
Support and Resistance Levels
| Support 2 | Support 1 | Asset (Price) | Resistance 1 | Resistance 2 |
| $3.314 | $4.012 | UNI ($4.88) | $6.241 | $7.154 |
Above $7.154, there is a possibility of hitting the $8.118 level.
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