Major players in the volatile cryptocurrency industry, such as Ethereum and Bitcoin, are having difficulty recovering from recent losses. The topic of whether it is worthwhile to consider Altcoins, such as Uniswap (UNI), is becoming more and more relevant. Investors hoping to recoup losses during unfavorable trends eagerly await the “Altcoins season,” the time of year when alternative cryptocurrencies see a rapid increase.
Uniswap (UNI) Market Performance
Uniswap (UNI) is right now exchanging at $9.96, with a cost increment of 0.71% over the past day. Nevertheless, the token also witnessed the effects of the global crypto market collapse, as UNI’s price dropped by 8.39% over the past week. In spite of this negative tendency, the token’s value increased by 4.28% over the previous month.
With a market capitalization of $5.98 billion, the Uniswap token is currently ranked as the 17th largest cryptocurrency by Coinmarketcap.
With a market cap/TVL ratio of 1.14 and a total value locked of $5.20 billion, Uniswap has a respectable level of liquidity and market participation. UNI reached an all-time high of $44.97 on May 3, 2021, but has declined by 78.02% since then.
Uniswap (UNI): An Overview
In 2020, the DeFi boom helped Uniswap gain momentum, which launched in November 2018. By solving liquidity problems and giving the governance token, UNI, to previous users, Uniswap wants to make token trading transparent and efficient.
It encourages action by reducing expenses and risk. In 2018, Uniswap V2 unveiled new features; in 2021, Uniswap V3 prioritized improved infrastructure and increased capital efficiency.
New developments and collaborations
Uniswap and ZKSync have teamed up to use zero-knowledge proofs to increase the capacity of on-chain transactions. Clients can rapidly make unused liquidity positions at app.uniswap.org/pool by choosing the ZKSync network. Due to the reduction in gas costs and faster ZKSyn transaction times due to this integration, additional liquidity providers are expected to join Uniswap.
Uniswap (UNI) Price Prediction
The combination of short-term EMA and MACD signals as well as other technical indicators point to a bearish trend and possible downward pressure.
Long-term EMAs and Fibonacci support levels may present buying opportunities around important Fibonacci levels, indicating historical support. Strong directional momentum is not present at the moment, as per the RSI in the neutral zone.
Resistance levels at 12.29669, 14.61238, and above indicate a possible maximum range, while support levels at 7.10936 and 4.23772 indicate a possible price minimum range.
