• Tue. Oct 4th, 2022

Uniswap offers short-term buy opportunities at $4.7

ByNdasi Tata

Jun 29, 2022
1655890277248 f0c848c6 33aa 49d0 99bb e515a535692f
1655890277248 f0c848c6 33aa 49d0 99bb e515a535692f

  • Uniswap’s token has almost doubled its price in less than a month.

  • The crypto token is trading past a support zone and is retreating.

  • Investors should look for a buying opportunity at suitable support, preferably at $4.7.

Uniswap’s UNI/USD has successfully recovered from the oversold bottom of $3.40. The cryptocurrency is trading at $5.19, retracing from a high of above $6.0 reached on June 26. The latest high implies that Uniswap has almost doubled its price in less than a month.

Uniswap is a dApp-based platform on the Ethereum blockchain. The platform enables Ether transfers to a variety of ERC-20 tokens. UNI, Uniswap’s native token, is an ERC-20 token. Uniswap is unique in that it is a fully decentralized network. The decentralization means it is not owned or operated by a single entity. Uniswap uses an automated liquidity protocol as the trading model. The model incentivizes users with a commission to become liquidity providers. The network is also open source. Any user can copy the code and build their decentralized exchanges.

Uniswap has been trying to live up to the idea of decentralization that it advocates. On June 21, the company announced the purchase of Genie. The NFT marketplace aggregator will let users trade digital products on multiple platforms. Uniswap said it would integrate NFTs into its products, starting with its web app. NFTs will then come to the network’s developer APIs and widgets. Since this announcement, UNI has been bullish, breaking past the $4.7 resistance.

UNI is retracing back to support as bullish momentum develop

1656449551553 e8740985 75b4 47da badf 1aab9f716169Source – TradingView

UNI is trading past the $4.7 support. It hit resistance around $5.8 and is now retreating. The cryptocurrency could settle at the nearest support at $4.7. The weakness could continue at the current level. Investors should look for a bullish reversal at key support.

Summary

Investors should look to buy Uniswap at a suitable support. $4.7 is our reference support, and investors should be keen to buy at that level.

The post Uniswap offers short-term buy opportunities at $4.7 appeared first on CoinJournal.

Ndasi Tata

Ndasi Tata is a Cameroonian-born Bitcoin entrepreneur and former state journalist. He earned an M.Sc from the University of Nicosia in Cyprus in Blockchain and Digital Currency. He uses a variety of social media channels to promote his ideas and projects , and he's a major proponent of Bitcoin in Africa.

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