Uniswap Soars 14% In Last 24 Hours – Can UNI Slingshot Past $6?

Christian Encila

Last Updated: October 14, 2022 1:26 pm

2 mins read

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Due to the increased valuation of Uniswap to $1.66 billion, UNI has gained 14.2 percent in the past day. Hayden Adams, Uniswap’s founder, has announced an important upgrade to the decentralized exchange on the company’s official blog.

As of this writing, UNI is trading at $6.28, down 8.6 percent in the last seven days, data from Coingecko show, Friday.

Polychain Capital’s most recent funding round is largely responsible for the increase in valuation. Existing investors such as Paradigm, Variant, SV Angel, and a16z crypto also took part in the Series B investment round.

The money, the article claims, will be used to strengthen the ecosystem overall, notably in terms of security.

Web3, Here It Comes

The investment round, which is the next funding round Uniswap has had in the past few years, was first disclosed back in September. Back in August of 2020, Uniswap Protocol received its initial round of funding.

By expanding their web app and developer tools, introducing NFTs, entering the mobile market, and other initiatives, Uniswap Labs hopes to make the Uniswap Protocol accessible to a wider audience.

Uniswap’s official Twitter account also informed its fans of the news. This infusion of capital will make Uniswap Protocol competitive in the DEX market, allowing it to compete with Binance and Coinbase. The improvement is made feasible by the company’s acquisition of Genie, an NFT aggregator.

Uniswap: What The Charts Indicate

According to Defillama, the protocol’s total locked-in value has increased from its current low of $4.77 billion to $4.83 billion. However, this is slightly less than the TVL peak of $5.08 billion on October 13.

At the time of publication, the token appreciated by over 9.52 percent. This rise occurred after the $7 price range for UNI was rejected. The technicals of UNI also seem excellent. The current value of Chaikin’s money flow is 0.70, indicating that bulls are in control of the market.

Image: TradingView

Momentum also suggests bullishness, which provides investors and traders strong buy signals. The current demonstration is part of a wider demonstration that began on September 21. With the token’s current positive momentum, we expect it to test the 50 Fibonacci retracement level.

Current support is located at $5.993, which has demonstrated strength by resisting the most recent decline. Investors and traders can rely on the Stoch RSI reading that indicates oversold conditions if the bears ever overcome the current bullish momentum.

UNI total market cap at $4.7 billion on the daily chart | Featured image from Forkast, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.