UniSwap Price Analysis: UNI Rallies Towards $4.5 After Launching New DeFi Token

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UniSwap Price Analysis: UNI Rallies Towards $4.5 After Launching New DeFi Token
  • UniSwap Protocol launches a new governance token, receiving immense support in DeFi.
  • UnitSwap price eyes symmetrical triangle breakout to $4.50.
  • UniSwap is on an upward roll following the fiasco with its forked asset SushiSwap. Since its listing on Binance, UNI has traded a high of $4.46. However, the saga with vampire token, SushiSwap saw UniSwap lose bearing, resulting in a breakdown to $2.40.

    Recovery spears to have resumed as calm returned into the SushiSwap ecosystem. At the time of writing, UNI is trading at $3.74 amid a growing bullish momentum. The bullish scenario is supported by the Relative Strength Index (RSI) after climbing above the midline. If the RSI continues with the positive gradient towards the overbought region, there is a chance that UNI will clock $4.50 soon.

    Meanwhile, the above bullish trend is attributed to the news that UniSwap has launched its own governance token, perhaps to reduce pressure from the fallout with SushiSwap. The new token will be utilized in powering on-chain governance decisions. It is also meant to give users the power to contribute to running the protocol. Already the new governance token has become the most widely distribute token in DeFi.

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    UNI/USD 15-minutes chart

    UNI/USD price chart by Tradingview

    Short term analysis illustrates the formation of a symmetrical triangle pattern. A breakout above this pattern could easily send UniSwap to highs above $4.50. Some resistance is, however, envisioned at $4 but due to the high volume and positive sentiments from the community, UniSwap will have the potential to continue with the breakout.

    Also Read: Uniswap Announces 4 Liquidity Mining Pools For UNI Token, Starting 18th Sept.

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    Intraday Levels

    Spot rate: $3.74

    Trend: Bullish

    Volatility: High

    Relative change: 0.30

    Percentage change: 8.48%

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John Isige

John is a seasoned crypto expert, renowned for his in-depth analysis and accurate price predictions in the digital asset market. As the Price Prediction Editor for Market Content at CoinGape Media, he is dedicated to delivering valuable insights on price trends and market forecasts. With his extensive experience in the crypto sphere, John has honed his skills in understanding on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the dynamic metaverse landscape. Through his steadfast reporting, John keeps his audience informed and equipped to navigate the ever-changing crypto market.

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