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Uniswap [UNI] jumps over bear pit as price ticks green across the board

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The cryptocurrency market’s movement over the past couple of days has left a lot of investors scratching their heads. After a week of bearish dips, the ecosystem seems to have broken its pattern of stagnant price actions. Uniswap [UNI] was one of the tokens leading the bullish charge with double-digit gains in the weekly spectrum.

Uniswap’s hourly performance allowed the crypto to overtake Terra on the chart with the token now holding 11th place. At the time of writing, UNI was trading for $24.85 as the market cap climbed to $15.3 billion. The 8 percent hourly climb also spurred the daily volume to clock a mighty $646.46 million.

Uniswap 1 hour:

uni 1hr

In the short term, Uniswap tended to form a valley after the dip and rise. The immediate support was calculated at $21.6 which was protected after the latest price hike. As Uniswap moved on the charts, it was important to keep a tab on the rising user base.

Parabolic SAR: The last 3 markers stayed below the price candles, indicating a shift in the sudden hike. This comes after a 48-hour shift where the Uniswap sided with the bull.

Relative Strength Index: Uniswap’s RSI fell back into the trading threshold after staying above the overbought zone for a day. The cryptocurrency’s September 13th hold was its highest point this month.

Bollinger band: Both the upper and lower band converged towards each other after the formation of a Bollinger cloud. The red candles continued to stay in the cloud as the price settled.

Uniswap 1 day:

uni 1 d

The long-term support was at $14.3 with the graph struggling to hit its ATH formed in May. Uniswap’s latest green candle allowed it to climb from the throes of a bear pit.

Relative Strength Index: The RSI hit the midway point between the oversold zone and the overbought zone. This meant that the number of users selling their tokens and HODLing their tokens was almost equal.

Bollinger bands: In the long run, UNI’s bands diverged to form the start of a significant Bollinger cloud.

Parabolic SAR: All the markers from the past couple of days stayed below the candles as Uniswap’s momentum shifted downwards. As it stands, the markers pointed to hold on to the cryptocurrency making any massive surges.

Uniswap and the rest of the market were still in the midst of recovery after taking a beating for days. One striking thing about the hike was that the altcoins were performing better than the bigwigs.

Uniswap team discovers a minor issue that would’ve made the next 8 votes ineffective

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Uniswap is one of the most popular decentralized exchanges [DEX] for listing projects, trading, and investing in digital assets.

Just a month after the decentralized finance [DeFi] education-focused fund drama that fueled concerns over flaws in Uniswap’s governance model, the team behind the platform fixed a “minor issue.” Uniswap Founder Hayden Adams took Twitter to reveal discovering the issue that would have made the next 8 votes ineffective. His tweet read,

“Uniswap community members recently proposed upgrading Uniswap governance contracts to Bravo [also used by Compound gov]. Today, a Labs team member discovered a minor issue that would have made the next 8 votes ineffective. The issue: proposalCount initialized to 0, initialProposalCount to 8. Executing checks proposalId greater than initialProposalCount so next 8 proposals were unable to execute. I fixed it by submitting 8 “dummy” proposals that can never execute, bringing proposalCount to 8.”

Following the episode, Adams admitted that governance contract upgrades require particular caution and also went on to add that the 7 days voting period is likely not sufficient time for meticulous security reviews.

Uniswap Governance Drama 

UNIswap

Uniswap continues to keep growing and attracting projects at a much faster rate than its rivals. But the platform faced a severe backlash from the traders and crypto enthusiasts after the DeFi education-focused fund abruptly sold off half of the assets allocated to it by Uniswap governance – opening a can of worms that questioned the DEX’s governance, transparency, and project accountability.

It all started when the DeFi Education Fund backed by the DEX revealed selling off 500,000UNI for some $10.2 million USDC on July 12. The move by the newly formed organization clearly did not sit well with the industry players as many questioned why would the DEF require such a massive amount of capital. The controversy induced concerns not just over the decentralized exchange’s governance model; but also transparent, accountability and the nature of decentralization. Additionally, many also speculated the intention behind presenting the proposal by Harvard Law’s student group.

Where is Uniswap [UNI] heading after failing to breach $30?

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Uniswap [UNI] is currently fluctuating between gains and losses, and its price movement lacked a clear direction for three consecutive weeks. The price has formed lower lows despite the broader market making improvements frequently in mid-August. UNI saw an impressive rally earlier this year leading up to an ATH in May. Since the subsequent sell-off, the crypto-asset has failed to gain the necessary momentum to break the record level.

Uniswap [UNI] was down by 1.13% over the last 24-hours, which drove its price to $26.20. At the time of writing, the eleventh-largest crypto-asset registered a market cap of $16.01 billion and a 24-hour trading volume of $249 million.

Uniswap [UNI] Daily Price Chart:

UNI1 2

UNI’s volume has been low, which has had a negative effect on its price. But the volatility in the market hinted at mild revival attempts. The formation of a mega bearish descending triangle on the daily UNI chart, on the other hand, threatened further losses in the coming days. Additionally, the latest market pullback saw the price candles falling below the upsloping 200 DMA [Yellow] even as the 50 DMA [Pink] formed a bullish crossover with the 100 DMA [Blue].

Bearish signals continued to appear all across the board.

UNI2 1

Klinger Oscillator [KO] has been consistent and has remained unfazed by lower lows formed by the UNI candlesticks. The MACD, however, depicted the rising strength of the ongoing bearish trend as buyers’ demand slumped. A similar sentiment was in the Relative Strength Index [RSI] that broke below the 50-median and moved south, indicating a gradual increase in the dominance of the sellers in the market.

According to the above charts, a breakdown from UNI’s pattern could see it move back towards a demand zone of $14.4-$21.4. On the flip side, Uniswap first needs to breach $30.71 to target yearly highs of $40.5 and $43.3.

Ethereum Foundation receives $1.5M donation to fund Ethereum 2.0

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Ethereum Foundation has revealed that six crypto-companies have donated $250k each. According to the official announcement, the funds secured will be used to aid efforts to upgrade the Ethereum blockchain. Over the past several years, the ETH ecosystem has witnessed unprecedented developments and innovations.

To foster the growth of the blockchain, several platforms have come together and donated a total of $1.5 million. Announcing the same, Ethereum Foundation stated,

“Today, we’re excited to announce that Compound Grants, Kraken, Lido, Synthetix, The Graph and Uniswap Grants are donating $250K each to support ETH execution-layer client teams. This project is the result of several months of work, and will supplement the significant funding provided by the Ethereum Foundation this year. This fundraise will have no impact on the EFs continued financial support for these teams.”

Recipients of Ethereum Foundation’s fund

The official blog post also stated that the Ethereum Foundation has allocated more than $10 million on execution-layer client R&D since the beginning of 2019 and that it remains on its highest priority list.

The foundation reportedly picked five of its client teams- Besu, Erigon, Geth, Nethermind, and Nimbus to receive the funds. It will offer the necessary infrastructure for the network after the unification of ETH 1.0 and ETH 2.0. The non-profit organization asserted to the community that the additional grants will not influence its current financial support efforts.

Besides, TWJ had earlier reported Kraken’s contribution to the Ethereum Foundation to support the open-source developer teams behind ETH 2.0. In addition to the cryptocurrency exchange, the six entities include Uniswap, Synthetix, The Graph, Compound Grants Program, and lastly, Lido Finance.

Revealing the main intention behind this approach, the foundation said,

“Part of our goal with this first round is to lessen risks that come from reliance on any single team or entity as we all work to maintain quality open source products in a diverse, decentralized, and sustainable way. We continue to work towards more decentralized funding mechanisms for Ethereum’s public goods, and this is one more step that enables larger groups of participants to directly support client development and maintenance.”

Will Uniswap’s [UNI] descent from $30 transform into an upswing?

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Uniswap’s [UNI] bullish trend slowed down as Solana [SOL] flipped the digital asset after a staggering rally. As a result, the former’s weekly losses increased to 8.91%. UNI’s tryst above the $30 remained rather short-lived as it resumed a downtrend after reaching a three-month price level. The volatility in the market has decreased putting into perspective the fading momentum in the market as it struggled to find a stable foothold.

Over the past 24-hours, Uniswap [UNI] was down by 1.11% and was currently priced at $25.96. At the time of writing, the digital asset registered a market cap of $15.22 billion and a 24-hour trading volume of $517 million.

Uniswap [UNI] Daily Price Chart:

UNI0 1

Along with the volatility in the market, the volume also picked up the pace as price went on a recovery mode. But technicals went downhill after the price fell below the 200 DMA [Yellow] and neared the other two. The upward-sloping 50 DMA [Pink] was now eyeing for a potential bullish crossover with the 100 DMA [Blue] which was nearing the UNI price candles. If this materializes, the token is likely to an extended rally. However, if the UNI falls below the rest of the moving averages, UNI risks damaging market turn towards its yearly lows.

UNI1 1

The decreasing red closing bars of Awesome Oscillator [AO] evidenced a weak but bearish momentum in the coin market. The MACD also flipped bearish crossover which further indicated a slump in the buying demand. The Relative Strength Index [RSI] was flirting with the 50-median line, which, if breached, could intensify massive sell pressure in the market.

The nearest resistance for Uniswap was found at $30.54. If the asset breaks this level, other crucial levels such as $40.5 and $43.3 will come into play. The support points, on the other hand, stood at $21.4, and $14.5.

Uniswap [UNI] Price Relishes Arrival of Bull As Pastures Turn Green

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As the cryptocurrency market rallied to beat the bear, some altcoins took it upon themselves to lead the charge. Uniswap (UNI) was one of the cryptocurrencies climbing rapidly while taking the title of “biggest gainer” in the top 10 cryptocurrency club. As it stands, the 10 largest coin was green ticking at date of 10.6 percent in the daily timeframe.

At press time, Uniswap was trading for $23.09 with a market cap of $13.6 billion. The double-digit climb also elevated the cryptocurrency to a 24-hour trading volume high of $576.8 million. Aside from Uniswap, its nearest competitor Polkadot was also making moves by achieving daily growth of over 10 percent.

Uniswap 1 hour:

uni 1 hr

The hourly charts painted a bearish picture for the cryptocurrency after a sweltering start to the week. A majority of the indicators pointed to a bearish atmosphere interspersed with bullish gains.

Uniswap’s Bollinger bands moved parallel to each other after a massive price breakout. The formation of the positive Bollinger cloud was one of the few bullish signs for Uniswap. Both the Chaikin Money Flow indicator and RSI crashed to the bottom of their graphs after the last price action. This was a sign of more users selling their tokens while the capital reduces in the Uniswap market.

Uniswap 1 day:

uni 1 d

Long-term charts held some good news for Uniswap as some of the aforementioned indicators sided with the bull. While the support was no longer threatened, the price movement still invoked a closer look.

The daily RSI fell sharply yesterday from the overbought zone. Although this still kept Uniswap above the zero level, it occurred at a time when the CMF shot up. Uniswap’s CMF had climbed significantly over the past few days to settle much higher than the zero line. If it maintains its momentum, Uniswap CMF had the chance to touch mid-July highs.

The Bollinger bands here projected a smaller breakout with the upper and lower band diverging from one another.

Uniswap [UNI] faces major opposing force at $25-level

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After a week of staggering price action, Uniswap [UNI] seems to be faltering close to its respective overhead resistance level along with several top crypto-assets. UNI finally broke free from the two major levels as its 7-day gains stood at 11.04%.

The volatility in the cryptocurrency market noted a slight uptick after weeks of remaining suck inside an uneventful consolidation range. The DeFi token has been on a clear uptrend since the 21st of July.

As it reached a crucial resistance level, Uniswap [UNI] noted a decline of 1.22% over the past day which drove the price to $22.03. At the time of writing, the digital asset recorded a market cap of $12.89 billion and a 24-hour trading volume of $502 million.

Uniswap [UNI] Daily Price Chart:

UNI

The daily moving averages have been serving as a major opposing force that has prevented a move higher. Following the latest uptrend, the UNI candle pierced through the 50 DMA [Pink]. The 100 DMA [Blue] and the 200 DMA [Yellow] were currently undergoing a bearish crossover which could stall the positive sentiment in the coin market.

The moderate volume could potentially the back UNI and push the price.

UNI2

The Chaikin Money Flow [CMF] spiked above the zero-line after more than a fortnight which depicted the flow of money into the coin market and hence an overall bullish trend. The Klinger Oscillator [KO], on the other hand, appeared to be on the verge of breaking down towards the negative. Besides, the Relative Strength Index [RSI], was heading close to the extreme overbought conditions that were last seen before mid-May.

If Uniswap breaks above the $25-level, resistance levels of $29.45 and $37.8 could come into play. However, a decisive close below the support floor set up by the 50 DMA at $19 could confirm the shift in trend to bearish. Such a move will pave the way for a $14.54 foothold.

Uniswap’s users can still bypass censorship of the main UI, trade restricted assets

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The largest decentralized exchange [DEX] Uniswap’s software development studio had earlier revealed restricting access to some tokens, including synthetic stocks and derivatives from the platform interface.

Over the past couple of weeks, several cryptocurrency firms such as Binance have removed their tokenized stock products. But Uniswap’s move is different than most centralized exchanges since it is only restricting access through its own interface.

Dodging Uniswap’s censorship

Uniswap Labs did not clearly mention the actual reason behind the restriction but in the official blog post, the studio had said that the tokens in question represented a very small portion of the overall volume on the Uniswap Protocol. However, it is important to note that there are several ways in which censorship can be bypassed. In fact, the users can still access these tokens through other portals on the DeFi platform that supports them. Parafi Capital’s Nick Chong also revealed that there are “a ton of alternative interfaces.”

Chong observed that the restricted assets accounted for a total of $5.9 million worth of volume over the past seven days which is around 0.076% of the decentralized exchange’s 7-day volume. He called it a “rounding error.” Chong also emphasized the need for bookmarking decentralized interfaces and mirror applications and asserted,

“The world needs decentralized interfaces. Wouldn’t it have been bad if all non-power user DeFi traders woke up one day and the Uniswap Labs interface was gone w/ no alternatives? This is a wake-up call! Bookmark the decentralized interfaces.”

A bad precedent

The latest move has opened a can of worms about the never-ending decentralization and the impact of regulatory oversight on decentralized finance [DeFi]. Interestingly, the development comes days after the United States regulatory watchdog announced that that they would increasingly monitor these types of products. Needless to say, the platform has been at the receiving end of severe backlash from the community.

Joey Krug, the co-CIO of Pantera Capital and co-founder of Augur said that even though he loves Uniswap, he said that the decision sets a bad example. Krug reiterated General Douglas MacArthur’s famous quote and claimed that this would not be the first case of defi censorship.

“History teaches with unmistakable emphasis that appeasement begets new and bloodier wars. It points to no single instance where this end has justified that means, where appeasement has led to more than a sham peace.”

Buyers’ swarm into Uniswap [UNI] market while it tries to hit $20

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The bulls seemed to be prolonging their stay in the crypto market. Assets like Uniswap [UNI], Ethereum [ETH], Litecoin [LTC], and several others went on to make the most of this bullish takeover.

A couple of days ago, Bitcoin [BTC] dipped below $30K, causing mayhem in the market. However, the king coin was quick to recover and was on its way to $34K. The market cap of the asset also saw a drastic rise over the $600 billion level.

Uniswap [UNI] was the star of today’s bull run. The altcoin managed to make the most gains over the last 24-hours. At the time of writing, UNI was priced at $18.68, with a 5.27% surge in the last couple of hours. The altcoin garnered profits of 14% over the previous seven days. The asset’s journey towards its all-time high of $44.97 made it stand out.

While Uniswap was doing fine in terms of price, it noticed a massive fall with regard to its ranking. The altcoin lost its spot in the top ten as its market cap subsided to $11.04 billion. Nevertheless, the asset remained above prominent coins like Bitcoin Cash [BCH] as well as Litecoin [LTC].

Uniswap [UNI] one-hour price chart on Binance

Uniswap

The short-term price chart of UNI was exhibiting a bullish notion. The Parabolic SAR indicator formulated dotted lines below the candlesticks. This line restricted any sudden drops in the price of the altcoin. Earlier today, the MACD line took over the signal line further forming a bullish crossover.

The Relative Strength Index [RSI] indicator revealed that UNI was being overbought. The RSI marker was way over the 60 median.

With the presence of bulls, UNI could be making its way on to $20 very soon.

In addition to its price, the total value locked in Uniswap on DeFi saw a significant drop. At press time, the total value of USD stacked in Uniswap was at a low of $5.46 billion.

Uniswap [UNI]: Upside move to continue till $19 before reversal

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Several DeFi tokens have posted recovery after bears loosened their grip. Uniswap’s [UNI] price also rallied mildly after the back-to-back pullbacks earlier this week that unleashed an impulsive wave stalling the rangebound trend. The volatility in the market seems to have picked up which exhibited an optimistic outlook after weeks of trading sideways.

Uniswap [UNI] was up by 5.62% over the past 24-hours which drove the price to $15.74. At the time of writing, the digital asset recorded a market cap of $9.22 billion and a 24-hour trading volume of $380.4 million.

Uniswap [UNI] Daily Price Chart:

UNI 1

UNI price candles formed a descending triangle pattern in the daily time frame. This would mean that the digital asset price could potentially aim to surge towards the downward sloping trendline and fall below the horizontal trendline, thereby demonstrating a bearish breakout

The moving averages also depicted a bearish view. The candles resumed downtrend following the death cross by the 50 DMA [Pink] and the 200 DMA [Yellow] in the last week of June. The 100 DMA [Blue] was inching closer to the 200 DMA for a bearish breakout which could further push the coin down to test damaging lows.

The volume was moderate as UNI attempted to climb higher.

Uniswap eyes short-term gains

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The small red closing bars of Awesome Oscillator [AO] depicted a weakening bearish pressure in the market. The Chaikin Money Flow [CMF] also noted a minor uptick indicating inflow of capital into the coin market. Similarly, the RSI too bounced from the oversold territory as buying pressure slightly made a headway.

The moving averages continued to resist any notable upward price movement as they acted as resistance at points $20.26, $24.4, and $27.07. Unsiwap is short-term bullish as the price is expected to climb to $19-level before the selling pressure overpowers and resumes a downtrend. In this case, the DeFi token could test support levels of $7.55 and $3.38 respectively.