Uniswap (UNI) is going strong on its upward trend where many cryptocurrencies have succumbed to bearish pressures. The coin has its all-time high at $39 and at the time of press, Uniswap is trading hands at $36 – not very far from the all-time high. The price of the cryptocurrency increased by nearly 20% in the past 24 hours while the trading volume shot up by a whopping 230%.
The market sentiment for Uniswap is bullish as the technical indicators are giving out a signal of buy. Out of the 26 technical indicators, ten stands at a neutral position and fifteen are giving out sell signals while only one indicator stands at sell.
Trader Jemkie is strongly bullish on cryptocurrency. Per the trader, Uniswap is currently at a six-week consolidation, after which, an increase of 1000% is expected from the cryptocurrency. The trader is expecting a price surge to $257 towards the end of the year. The analysis is based on historical trends of Uniswap’s price actions. A similar trend was spotted in December 2020 which resulted in the current all-time high price. If the analysis is validated, the future of the cryptocurrency, afterwards, do not appears to be as bright as the trader expected Uniswap to fall back to its current price level eventually. However, the trader also pointed out that Uniswap is a relatively new cryptocurrency and it may still be in its price discovery.
What is Uniswap?
Uniswap is a decentralized exchange (DEX). The trading protocol enables the trade of DeFi tokens but in a completely automated and decentralized way. Uniswap is also known as an Automated Market Maker (AMM) and was launched in 2018. It is one of the top AMM currently standing at a market rank of 8th in terms of capitalization.
Uniswap has announced its latest version, V3, to be launched on May 5. The new version is designed to make Uniswap “the most flexible AMM ever”. V3 incorporates concentrated liquidity positions and multiple levels of commission among other things.