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Uniswap (UNI) price has exploded since the beginning of December. Here are the next price targets

Uniswap (UNI) price has exploded since the beginning of December. Here are the next price targets

Uniswap has advanced from $3.4 above $6.5 since the beginning of December, and the current price stands around $6.3. Uniswap is one of the best performers on the cryptocurrency market in the last several weeks, and as long the price is above $5, it remains in a bull market.

Fundamental analysis: Uniswap is a very successful project that is part of DeFi

Uniswap is a decentralized protocol for automated liquidity provision on Ethereum, which attracts close to 100,000 weekly users. This protocol was created in 2018 by Hayden Adams, but Vitalik Buterin, the Ethereum co-founder, first described the technology that inspired its implementation.

Users can exchange Ethereum tokens on Uniswap, and it is important to say that Uniswap takes the lead for the total amount of transactions on Ethereum. Uniswap is one of the pioneers in decentralized exchanges that do not require intermediaries or custodians to facilitate trading.

Uniswap has a decentralized pricing mechanism that allows users to swap between ERC tokens without the need for an order book. This is a very successful project that is part of the Decentralized Finance (DeFi) movement, and according to analysts, Uniswap has a bright future.

“Uniswap is designed to let people trade directly from each other, without the use of intermediaries such as banks. We can really see decentralized exchanges make a huge dent in the market and potentially overtake centralized exchanges,” said Paul Veradittakit from Pantera Capital Management LP, which is considering investing in Uniswap’s tokens.

Uniswap price has exploded since the beginning of December, and for now, there is no sign of the trend reversal. Uniswap could advance even more in the ongoing bull market, but if Bitcoin enters the correction phase, that will negatively influence Uniswap.

Technical analysis: Uniswap price has exploded since the beginning of December

Uniswap was one of the best performers on the cryptocurrency market in the last several weeks. Still, if you decide to invest in Uniswap (UNI), you should consider that the price could also weaken in the upcoming days.

This cryptocurrency has made a massive jump in a short-time period, and the correction phase could be around the corner.

Data source: tradingview.com

The current resistance levels are $6.5 and $7; $6 and $5 represent the current support levels. If the price jumps above $6.5, it would be a signal to buy Uniswap, and the next price target could be around $7.

On the other side, if the price falls below $5, it would be a firm “sell” signal and possibly a trend reversal sign.

Summary

Uniswap is a decentralized protocol for automated liquidity provision on Ethereum, which attracts close to 100,000 weekly users. Uniswap is one of the best performers on the cryptocurrency market in the last several weeks, and as long the price is above $5, it remains in a bull market. Uniswap could advance even more in the ongoing bull market, but if Bitcoin enters the correction phase, that will negatively influence Uniswap.

The post Uniswap (UNI) price has exploded since the beginning of December. Here are the next price targets appeared first on Invezz.

Source: INVEZZ

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