- Summary:
- Despite dropping by over 3 per cent in today’s trading session, Uniswap price was among the least affected tokens last week
Despite dropping by over 3 per cent in today’s trading session, Uniswap price was among the least affected tokens last week following the fall of the FTX crypto exchange. Part of the reason for its resilience has been due to the platform being a decentralized exchange.
As problems with FTX started to become clear last week and cryptocurrency projects started aggressively moving downwards, most investors started to look for alternatives. There were reports of money being moved from centralized exchanges to wallets and massive selloffs of cryptocurrencies as investors looked to cut down their losses.
Fast forward to today, the trend has shifted, with people now migrating to decentralized exchanges, among them Uniswap. For instance, in a recent report, data showed that Uniswap had overtaken Coinbase as the second-largest trading platform for Ethereum for a duration of 24 hours, highlighting the impact of the FTX’s collapse.
Uniswap has also gained traction following problems with centralized platforms due to their functionalities that enable users to trade crypto while retaining full control over their funds. Following reports that FTX may have redirected some of the finances deposited on their platform, it is highly likely that the Uniswap platform will continue experiencing growth in the next weeks and months.
Uniswap Price Forecast
As shown above, despite Uniswap dropping by 3 per cent in today’s trading session, it has been among the least affected by the FTX crypto exchange collapse. The platform has also gained traction over the past few trading sessions, at one point becoming the second-largest Ethereum trader in the world after overtaking Coinbase.
Therefore, I remain bullish on Uniswap price and expect its price to trade above the $7 price level in the coming sessions. There is a high likelihood that we might even see it hitting and breaking the $7.7 resistance level. A drop below $5.5 price level will invalidate my bullish analysis.
Uniswap Daily Chart
