(MENAFN- Mamba Digital Ltd)
If you are in the Cryptocurrency market, you have to deal with its fluctuations too. Regardless of whether being an investor or a Crypto firm, everyone has to undergo the uncertainties of this industry. This year has not been a great one for Cryptocurrencies, but amidst such situations, Uniswap is showing Bullish symptoms. To trade more effectively, you may consider using a reliable trading platform like Chain Reaction trading
Uniswap is trading with a profit of around 8% in a single week. It is among one of the few Crypto which is experiencing gains at present. But how will this trend last, is the biggest question of the entire Cryptocurrency community. Let us see how the situations for Uniswap are in this blog!
Condition Of Uniswap at Present
With the collapse of FTX, the entire Cryptocurrency industry had to face the shock. After FTX's downfall, Uniswap had to face a fall below its key level of 5.6 USD, but it managed to have a quick recovery from it. With it, this Crypto is now able to get back to its key position. Its token, UNI, is trading at around 6.29 USD!
The rise in the trade volume of UNI is linked post the FTX collapse. Similar to this coin, Ethereum also made 1.21 Billion USD worth of transactions. This giant Crypto was suffering post the FTX downfall as well. But, now it is recovering from that position too! The increasing trade volumes of Ethereum by around 80% reflects that investors are looking for other DEX platforms.
After FTX's deteriorating condition, traders are now more interested in investing their funds in other DEX outlets. This is also the main reason behind more trade volume in the Uniswap platform. It can offer its support to its native tokens, in the short run at the minimum.
Also, the highest number of users has crossed its limit in the Uniswap platform. Its Web application has the highest number of users at present, which is the maximum in the entire year. We can also notice that the rising demand for the platform's self-custody wallets can be credited to Uniswap labs.
Another major reason behind the mass adoption of self-custody wallets is that traders want to move out of the CEXs. All these factors are adding up to make Uniswap one of the top Crypto, with rising trade volumes.
Uniswap Returning To Key Level
This Cryptocurrency is holding its support at 4.8 USD after its rise in the selloff in the initial weeks of November. When the earlier Bullish trend took place, the rate was set at about 7.7 USD.
While the key level of this Crypto stands at 5.6 USD. And after the downfall of recent times, it is revising its support zone. Although the platform is working towards the correction of this zone, the momentum is in poor condition, as per the MACD indicators. But, we can see that there has been an improvement in this momentum and bears are under control.
Is It The Right Time To Get UNI?
There has been a recovery in the rates of UNI above the 5.6 USD level, and this is quite impressive! This position indicates that the coin has a high chance of being at much higher levels. The upcoming targets for this coin will be 7 USD and 7.8 USD, as per the price predictions.
But, if opposite situations occur and the bullish trend fails to continue over the key level, the bears will take a toll on the coin. If this happens, the coin's prices will move further down. You should watch for the upcoming levels of this Crypto, which will be around 4.8 USD and 4.1 USD, at the least!
Conclusion
Though this Crypto is showing Bullish symbols, watching the momentum will help you decide if it's worth buying the coin or not! This will be the right move at the moment.
Also, you can get the coin at eToro, which is a brokerage firm. You will find more than 75 options to choose from here for your next investment. Or, you can go for OKX, another leading Crypto exchange as well. And, if you want to learn more about Cryptocurrency trading and buy Crypto to start your trading journey.
MENAFN19012023007079015215ID1105449718
Legal Disclaimer:
MENAFN provides the information “as is” without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the provider above.