UNI gained 14.2 percent due to the increase in Uniswap’s valuation to $1.66billion. Hayden Adams, Uniswap’s founder, has announced an important upgrade to the decentralized exchange on the company’s official blog.
UNI trades at $6.28 as of Friday, down 8.6 per cent in seven days. Data from Coingecko shows that.
Polychain Capital’s most recent funding round is largely responsible for the increase in valuation. Paradigm and Variant as well as SV Angel and a16z cryptocurrency were also part of the Series B round.
According to the article, this money will be used for security and ecosystem strengthening.
Web3: Here it Comes
In September 2018, Uniswap announced that the next round of financing was in place. Uniswap Protocol was funded in its first round back August 2020.
Uniswap Labs aims to increase the accessibility of the Uniswap Protocol by expanding the web app and developing tools, introducing NFTs and entering the mobile market.
Uniswap’s official Twitter account also informed its fans of the news. This capital infusion will help Uniswap Protocol compete in the DEX market. It can also be compared to Binance or Coinbase. The improvement is made feasible by the company’s acquisition of Genie, an NFT aggregator.
Uniswap: The Charts Show
According to Defillama, the protocol’s total locked-in value has increased from its current low of $4.77 billion to $4.83 billion. This is nonetheless slightly lower than the TVL peak value of $5.08 trillion on October 13.
The token’s value had risen by more than 9.52 per cent at publication. After the $7 price range of UNI was rejected, this increase occurred. The technicals for UNI are also excellent. The current value of Chaikin’s money flow is 0.70, indicating that bulls are in control of the market.
Momentum can also indicate bullishness which gives traders and investors strong buy signals. The demonstration at the moment is part of a larger one that began September 21. With the token’s current positive momentum, we expect it to test the 50 Fibonacci retracement level.
Support is at $5.993, which shows strength and has resisted the recent drop. Traders as well as investors may rely on Stoch RSI to determine oversold conditions if bullish momentum is lost.
UNI market capital at $4.7 Billion on daily chart| Featured image from Forkast, Chart: TradingView.com
Disclaimer: This analysis is the author's opinion and should not necessarily be considered investment advice.