Uniswap price has staged a strong comeback in the past few days as investors embrace Decentralized Finance (DeFi) tokens. UNI is trading at $5.25, which is about 32% above the lowest level this year. It has moved to the lowest level since June 9th of this year. Its market cap has moved to $3.2 billion, making it the 27th biggest coin in the world.
Uniswap is a large DeFi protocol that is created in Ethereum, Polygon, Arbitrum, and Optimism. Its Ethereum platform has more than $4.6 billion in total value locked (TVL). As a result, Uniswap has a combined TVL of more than $4.8 billion, making it the fourth-biggest DeFi protocol after Maker, Aave, and Curve.
The Uniswap price has risen as other DeFi tokens jump. For example, Compound’s COMP and Curve’s CRV has risen by more than 40% from the lowest level during the weekend.
Still, there are concerns about the DeFi industry. For one, the total value locked (TVL) of all DeFi tokens has moved from an all-time high of over $250 billion to less than $78 billion. In addition, Uniswap has seen its TVL crash from over $10 billion to less than $4.86 billion.
The four-hour chart shows that the UNI price has been in a strong bullish trend in the past few days. The coin formed a double-bottom pattern at $3.37. The upper chin of this pattern was at $4.4516. It moved above this level on Tuesday.
At the same time, the 100-day and 50-day moving averages are bullish. It has also moved above the second resistance of standard pivot point. Therefore, by measuring the distance between the double-bottom and the chin, we can estimate that the next key resistance to watch will be $5.90. This price also coincides with the third resistance of the pivot point. A drop below R1 at $4.65 will invalidate this view.
This post was last modified on %s = human-readable time difference 08:43