Advertisement
AD

Main navigation

Advertisement

Uniswap (UNI) in Recovery Mode, Road to $6 Activated?

Advertisement
Fri, 6/10/2023 - 12:46
Uniswap (UNI) in Recovery Mode, Road to $6 Activated?
Cover image via www.freepik.com

Disclaimer: The opinions expressed by our writers are their own and do not represent the views of U.Today. The financial and market information provided on U.Today is intended for informational purposes only. U.Today is not liable for any financial losses incurred while trading cryptocurrencies. Conduct your own research by contacting financial experts before making any investment decisions. We believe that all content is accurate as of the date of publication, but certain offers mentioned may no longer be available.

Read U.TODAY on
Google News

Uniswap (UNI) is currently wriggling away from its bearish outlook in what appears to be a concerted effort to charge toward a new price high. For now, the automated market maker (AMM) token is priced at $4.35 on spot exchanges after inking a 2.3% growth at the time of writing per data from CoinMarketCap.

Advertisement

Related

The Uniswap outlook shows its current resurgence is highly defined. While the price growth is still largely mild, there is a visible uptick in its trading volume, an indication that positive buying sentiment has returned to the coin. At the moment, a total of $62,283,601 have been traded overnight, signifying a 4.96% uptrend.

Article image
UNI 1M Chart. Source: CoinMarketCap

A look at the Uniswap price chart as shown above shows it has not dared to retest the $6 price mark in more than a month. With psychological resistance now placed at the $5 price level, any attempt to go beyond this level has been visibly crushed more than once.

Advertisement

The current bullish trigger on the market might be changing the narrative for Uniswap altogether. In what appears as a decoupling from the general bearish trend at this time, UNI might be activated and on a path to soar toward the $6 price mark. 

Inherent UNI fundamentals

Uniswap has experienced a lot of mishaps in recent times, contributing to its relatively woeful performance when compared to its peers. From disputes featuring the founder and the V4 fork takedown to the bouts of exploits that have rocked the ecosystem in recent times, UNI has been deemed unattractive to most buyers.

Related

Nonetheless, Uniswap is still maintaining its first-mover advantage in the AMM world, an arena that protocols like the XRPL are now pushing into. With future upgrades and impending enhancements, Uniswap is setting the pace for sustained UNI relevance that can boost demand in the mid-to-long term.

Related articles

Advertisement
TopCryptoNewsinYourMailbox
TopCryptoNewsinYourMailbox
Advertisement
Advertisement

Recommended articles

Latest Press Releases

Our social media
There's a lot to see there, too

Popular articles

Advertisement
AD