Uniswap reduces losses – Cryptocurrency24


Swap [UNI]provided a crucial reading amid a series of events this week: at the macro level, the past seven days have brought UNI closer to recovering from three-month losses. UNI was trading at $ 7.43 after gaining 34.47% in the past seven days. This rally helped the altcoin’s efforts to recover from the price. Fibonacci level of 23.6%, which he reached three days ago.

This level is important to Uniswap as it sets the token for further increases and will also help us in the DEX token to recoup the losses incurred in May and June.

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Uniswap: price analysis

UNI has surpassed $ 6.00 and could now aim for the maximum price of $ 8.00. Purchasing power showed a slight decreasebut the buyers outnumbered the sellers on the market. Bitcoin’s price action has helped many altcoins rise, but continued support from buyers remains crucial.

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According to the technical indicators, it appears that UNI could fluctuate in the same price zone at least for the next trading sessions. possibility of withdrawal cannot be ruled out, currently UNI has seen that consistent consolidation could take the currency to the next level of support.

Uniswap went ahead and implemented V3 on the Celo blockchain to extend the accessibility of the DEX network to over six billion mobile phone users.

The implementation also brought liquidity to voluntary carbon markets such as carbon credits. This deployment extended Uniswap’s footprint to five blockchains, already integrated with Ethereum, Optimism, Arbiturm and Polygon.

The network has seen a drop in trading volume recently – well, trading volume for the month of June closed at around $ 46.3 billion.

Reaching $ 8.00 will be easy and there are chances of UNI trading above the $ 8.00 line. On the upside, local support for the coin was $ 7.08 and then $ 6.47. A sustained move below $ 6.47 will push Uniswap close to $ 5.38. This Volume of trade UNI slightly down, indicating a slight decrease in buying pressure.

The MACD underwent a bearish crossover and the red histograms were seen below the midline. This reading was coupled with a change in the direction of the current price in subsequent trading sessions and also with a sell signal. Should Uniswap remain in the bullish zone. Buyers need to be present with the support of the broader market.

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Such developments could hinder the growth of UNI, but given the broadening of the market, the altcoin will continue to grow for some time.

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