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Uniswap [UN] displays recovery hints despite inching closer to support below $20

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The cryptocurrency market continued to struggle for an upward break. Popular DeFi token, Uniswap [UNI] also faced bearish pressure along with several top coins. Currently, the lower levels have continued to attract significant buying activity from the traders.

Owing to the market fall this week, the tenth-largest crypto-asset by market cap, UNI found itself inching closer to an important support level. It will be now interesting to see if the incoming volatility in the market manages to invalidate the bearish impetus.

Uniswap [UNI] noted a minor uptick of almost 1% over the past 24-hours and recorded a trading volume of $615 million. It was currently priced at $23.51 while holding a market cap of $13.55 billion, at the time of writing.

Uniswap [UNI] Daily Price Chart:

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The recent market as displayed in the above Uniswap’s daily chart was indicative that bulls are far away. The placement of moving averages was also a cause of worry. Firstly, both the DMAs were hovering above the UNI price candles thereby resisting an upward price action. In addition, the 50 DMA [Pink] and the 100 DMA [blue] now appeared to be heading for a bearish crossover in the coming days which could trigger the price to spiral down even more.

UNI’s volume, however, remained moderate which could provide the coin with necessary support in case the price goes downhill.

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The dotted markers of Parabolic SAR below the UNI price candles gave some hope of bullish revival in the coin market that is at a crucial stage. The Chaikin Money Flow [CMF] also surged notably demonstrating a strong case of inflow of capital in the UNI market which could aid in price appreciation.

The RSI, however, depicted a grim picture of increasing sell pressure in the market and falling buying sentiment.

If the Uniswap bulls thrust the price above the current level, the momentum could pick up which could suggest a move towards the resistance levels of $34.26 and $43.17 after breaching the DMAs.

Conversely, if the price turns down yet again, it will further validate that market participants are offloading their tokens on rallies. In this case, the support levels of $16.81 could come into play, But if Uniswap fails to defend level, losses could trigger a fall to $7.48, a level last seen in the first week of the year.

Will Uniswap [UNI] break rangebound action to soar above $30?

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The cryptocurrency market has gathered steam over the past day. Uniswap [UNI] has closely followed the trend to amplify its weekly gains to nearly 6%.

Since the crash on the 19th of May, the digital asset shed the gains it made during the rallies in the first quarter of the year. It fell right back in early February levels. However, the UNI bulls are again trying to push the price above a crucial point of resistance as the market hinted at a recovery.

After posting gains worth 5.12% over the past 24-hours, Uniswap [UNI] was exchanging hands at $28.74. The defi token registered a market cap of $16.16 billion. and a 24-hour trading volume of $563 million.

Uniswap [UNI] Daily Price Chart:

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After a steep fall, Uniswap [UNI] began to oscillate within a tight range and a consistent upper ceiling, which, if broken, could be instrumental for the token. Both the moving averages hovered above the UNI candles.

The gauge between the two appeared to decrease, as such the 50 DMA [Pink] declined mildly towards the 100 DMA [Blue]. The latter remained pretty steady. Hence, if a bearish crossover transpires, it would be damaging for the price of UNI in the near term.

Uniswap’s moderate volume, however, could aid in pushing the price upward.

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The Parabolic SAR’s dotted markers moved below the candlesticks and pictured an uptrend for the defi coin. The building up of a bullish momentum was depicted by the green closing bars of Awesome Oscillator.

RSI was still below the 50-median line and the buying pressure has been rising but very slowly.

If the UNI/USD pair turns down from the $30-level again but bounces off the immediate support area of $22.22, it would suggest that bulls are accumulating on dips. However, if the lower level is broken, Uniswap could potentially see severe losses and risk a downfall to another support point of $16.8, a level is last seen almost four months ago.

In the case of a strong market momentum leading to a bullish setup, UNI could target resistance levels of $37 and $43 after the surging past the daily moving averages.

DeFi TVL crashes by over 37% in less than a Fortnight

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In what seemed like defi heading for another hot summer, instead felt the burn of the market-wide sell off.

It world of decentralized finance has been one of the biggest drivers of the surge in the broader cryptocurrency market over the past few months. However, the space has taken quite the beating after the series of massive corrections unfolded in the market last week.

According to the most recent DeFiLlama stats, the total value locked [TVL] across all decentralized finance platforms tumbled from an all-time high of $164.2 billion on May 10th to $95.5 billion two weeks later.At the time of writing, the TVL value had noted minor recovery and was found to be at $102.9 billion. However, it was still down by more than 37% in a period of fewer than two weeks.

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It all started with Tesla Technoking, Elon Musk blocking Bitcoin payments which sparked the first major instance of sell-off. Bitcoin also suffered a setback after the hackers of Colonial Pipeline siphoned off with $90 million in a BTC ransom. In addition, China’s back-to-back reports on crackdowns of the cryptocurrency space further proved damaging.

DeFi tokens crumble

The crash in the defi space’s TVL is a result of the depreciation in the value of the tokens. The correction in the market has hit investors hard, especially the newer cohort, most of whom forayed the ecosystem at the beginning of the bull season that started late last year.

Over the past week, these tokens have tanked way more than Bitcoin [BTC] and Ethereum [ETH]. Top tokens such as Uniswap [UNI], Chainlink [LINK], Aave [AAVE], Maker [MKR] was still down by more than 45%, 40%, 44%, and 24% respectively.

Several projects on the decentralized finance space this quarter either pulled the rug or executed an exit scam or suffered a flash loan. These were especially observed on multiple Binance Smart Chain protocols which further added to the investors’ woes.

Uniswap [UNI] Drops To $24 As Support Cracks After Long Liquidation

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Uniswap [UNI] broke several psychological levels as it fell from grace amidst a massive bloodbath triggered by panic selling. With the latest downswing, UNI extended its weekly loss to 36.10%. The latest Bitcoin and Ethereum capitulation has been damaging for the entire market including the defi tokens.

This evidenced that the large investors of the defi token could have potentially dumped their positions that resulted in the leverage traders bearing the brunt.

Uniswap [UNI] declined by a fresh 22.71% over the past 24-hours which drove its price to $24.51. At the time of writing, the digital asset registered a market cap of $13.48 billion and a 24-hour trading volume of $2.42 billion.

Uniswap [UNI] Daily Price Chart:

UNI

Prior to the crash, Uniswap [UNI] formed an ascending parallel channel which foreshadowed a similar market movement. The pattern has been shaping up since mid-March and broke this week, as the wider crypto market sustained sharp bear rallies.

The moving averages also shifted above the UNI price candles soon after depicting an increasing downside pressure in the coin market. The decreasing gauge between the 50 DMA [Pink] and 100 DMA [Blue] was also worrying as it could be a precursor of a bearish crossover.

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The ultra-bearish technicals on the daily UNI chart indicated selling took place at higher levels.

The rising momentum favoring the bears was depicted by the formation of red closing lines of Awesome Oscillator. The MACD also witnessed an extension to its bearish crossover suggesting a major setback in the buying demand.

In line with this, the RSI dipped below the oversold condition demonstrating a strong selling pressure in the market which cracked several support levels. If the bulls purchase this dip, a relief rally could be in the offing. This rally may face stiff resistance at $30 and then again at the moving averages.

Uniswap’s [UNI] rally may face stiff resistance by the moving averages at $31, $35 as well as the recently established high of $43. Support levels, on the other hand, were found to be at $18.8 and $11.57 respectively.

Ethereum’s Vitalik Buterin: Uniswap’s Native [UNI] Should Become Oracle Token

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Ethereum’s Vitalik Buterin is making a strong case for Uniswap’s native, UNI token.

While talking about the importance of a highly secure price oracle in the success story of the decentralized finance realm, Ethereum Founder Vitalik Buterin went on to point that DeFi protocol, Uniswap’s native token ‘UNI’ is in an “excellent position” to be a token for an oracle.

The Ethereum executive called for the need of a robust token-based decentralized oracle for a deFi project on the Uniswap Governance Forum today. He mentioned that it should be based on a token with a large market capitalization.

Uniswap – Highly Secure Oracle System?

While talking about the importance of efficiency of an oracle, Buterin stated,

“An inefficient oracle can always be augmented with a game where one party claims a value and only if another party disagrees is the oracle actually called. Cost of attack, on the other hand, is absolutely essential to maximize, and thus market cap is key. “

The founder then doubled down on two of the high market cap tokens on Ethereum which are Chainlink [LINK] and Uniswap [UNI].

Buterin asserted that the supporting oracles would not just be an act of “altruism” for Uniswap but would also benefit the decentralized exchange with a stablecoin ecosystem that is strong.

Chainlink has dominated the oracle realm for some time now. However, there is a need for a “simple alternative specialized for high-value”, according to the exec.

Meanwhile, Uniswap v3 has been touted as heavily optimized toward ultra-high capital efficiency for stablecoin, hence, it is likely to draw very high amounts of fee revenue from these trades. He also went on to add that if the volume picks up and the robust synthetic assets surface on-chain, then this would be a more bring about more valuable prospects for Uniswap.

Buterin also stated that while the base layer of Ethereum needs to remain governance-minimalist, layer 2, on the other hand, should be more ambitious and that Uniswap, which happens to be one of the largest decentralized exchange on the Ethereum ecosystem, could also take on more responsibilities which includes price oracle offerings.

According to Buterin, this could be a potential step towards Ethereum’s objective of not just a decentralized finance ecosystem and also an increasingly decentralized governance [DeGov] ecosystem.

Ethereum-based DeFi, Uniswap’s 3rd Iteration Goes Live

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Popular decentralized exchange, Uniswap has announced the launch of its V3 deployment on the Ethereum mainnet. This highly anticipated and ambitious version of the protocol promises to let users more control over the liquidity they provide and feature more upside for riskier trades.

In short, the main objective of Uniswap v3 is to make the platform “the most flexible and efficient AMM ever designed.”

“Uniswap v3 is the most powerful version of the protocol yet, with Concentrated Liquidity offering unprecedented capital efficiency for liquidity providers, better execution for traders, and superior infrastructure at the heart of decentralized finance.”

What Does Uniswap v3 Entail?

This is what the third iteration of the decentralized finance [DeFi] protocol Uniswap involves:

Firstly, Uniswap has focused on concentrated liquidity which is any AMM’s basic functionality. The platform revealed that the liquidity providers [LP] will be able to concentrate their capital within custom price ranges, thus offering greater amounts of liquidity at desired prices. As a result, the LPs build individualized price curves that reflect their own preferences.

Secondly, the DEX platform is also introducing multiple fee tiers to enable investors to identify their risk levels while trading volatile assets.

Lastly, Uniiswap will be adding another crucial feature of the “easier and cheaper” oracle. This version will provide significant improvements to the already existing time-weighted average price [TWAP] oracles. These oracles act as a critical piece of DeFi infrastructure. Over the past couple of months, it has been integrated into dozens of projects. The V3 aims to ensure the calculation of any recent TWAP within the past ~9 days in a single on-chain call to mitigate the risk of erroneous data.

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Besides, it is a cut-throat competition in the realm of decentralized finance. Especially with the fast flourishing Binance Smart Chain’s projects, the space is heating up. Currently, Uniswap is the fourth-largest DeFi protocol on the Ethereum blockchain according to the latest stats by DeFi Pulse. On the 6th of May, it registered a $7.16 billion in terms of total value locked [TVL].

Uniswap [UNI] Fends Off The Bear As Bulls Assure Assistance

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The market cap of the crypto-verse was seen soaring over $2.10 trillion. Several coins like Uniswap [UNI] and Dogecoin [DOGE] navigated their way into the top ten. Both these coins emerged as prominent assets in terms of price as well as market cap. Amidst the emergence of these fairly new assets, Ethereum [ETH] decided to move up in terms of market cap. At press time, ETH’s market cap was noted at $319.65 billion.

Currently standing as the ninth-largest cryptocurrency, Uniswap’s market cap was recorded at $22.44 billion. At the time of writing, the altcoin’s price was at $42.83 with a 9.14% surge in the last 24-hours. The last couple of days were highly beneficial for UNI as it bagged gains of about 14.14% in the previous seven days. Earlier today, the altcoin even recorded an all-time high of $43.89. However, this trend did not persist as the coin endured retracement.

Uniswap [UNI] One-Hour Price Chart On Kraken

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The short-term price chart seemed to be in sync with the ongoing trend in the crypto market. The Bollinger Bands indicator suggested limited volatility as the bands were converging as opposed to diverging. The Awesome Oscillator indicator formed a green closing bar after several red closing bars over the last couple of hours. This further indicated the presence of the bulls in the UNI market.

Furthermore, the Relative Strength Index indicator noted that there were no major buying or selling activities in the UNI market was the marker was by the 50 median.

Uniswap [UNI] One-Day Price Chart On Kraken

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The one-day price chart went on to mirror the short-term chart of UNI as it was harboring the bulls. The MACD line took over the signal line further forming a bullish crossover. The Klinger Oscillator followed suit and also formed a bullish crossover. The Money Flow Index indicator noted a little over the 50 median indicating dainty buyers’ sentiment.

This notion further suggested that UNI entailed chances of hitting $50.

Uniswap [UNI] Garners Maximum Gains While Bears Haunt The Crypto Market

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Uniswap [UNI] was taking another route as most of the coins in the crypto market were seen walking downhill. Bitcoin [BTC], Binance Coin [BNB], XRP, and several other cryptocurrencies were seen in the red zone. While several speculated that BTC could persist this downfall, a few others noted that this was nothing but a mere setback. Additionally, Dogecoin [DOGE] was experiencing a massive drop after its recent surge.

The overall market cap of the crypto-verse had staggered to a low of $2.02 trillion.

Furthermore, Uniswap, Ethereum [ETH], and Litecoin [LTC] were the only assets that were bagging gains amidst the bearish notion that had struck the market. UNI navigated its way into the top ten as its market cap soared to $19.50 billion. The asset stands currently stands as the ninth-largest coin. The altcoin was trading for $37.25 with a 16.20% surge in the last 24-hours.

Uniswap [UNI] Four-Hour Price Chart On Binance

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The four-hour price chart of UNI was hoarding the bulls. The Bollinger Bands indicator suggested an increase in volatility as the bands were wide apart. This possible surge in volatility could be beneficial for the altcoin considering the presence of bulls in the UNI market. The MACD line remained over the signal line heading in for a bullish crossover. The Money Flow Index indicator was noted in the buyers’ zone.

This further suggested that the altcoin could prolong its existing uptrend.

Uniswap [UNI] One-Day Price Chart On Binance

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A mixed predilection was seen in the one-day price chart of UNI. The Awesome Oscillator indicator laid out red closing bars suggesting a bearish momentum. The Chaikin Money Flow indicator, however, remained over in the bullish area. Even though the altcoin resided in the bearish arena throughout the first two weeks of April, UNI recorded a reversal of the trend.

Furthermore, UNI also followed the footsteps of the short-term price chart. The asset was noted asserting a buyers’ sentiment as per the Relative Strength Index indicator.

Uniswap’s [UNI] Bullish Advances Halts After Soaring Above $38

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Uniswap [UNI] has continued to steal the show and has breached yet another record milestone close to $38 as it soared above the previous yearly resistance at $36.83 before undergoing a minor pullback.

The crypto-asset’s swing to an all time high was accompanied by the high volatility triggering high volume after consolidating days after above $30.

Uniswap [UNI] rose by 9.34% over the past 24-hours which drove its price to $35.02. At the time of writing, the DeFi token registered a market cap of $18,29 billion and a 24-hour trading volume of $2.35 billion.

Uniswap [UNI] Daily Price Chart:

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Uniswap was strongly bullish. The already upsloping 50 DMA [Pink] rose closer to the UNI candles following the market-wide correction in the second week of March after attaining highs above $36. Soon after this, the digital asset declined subsequently to enter consolidation before making a strong bullish bounce up to fresh all-time highs. The price of the DeFi token has now surged well above the moving average depicting a rising bullish sentiment in the market.

Meanwhile, the 100 DMA [Blue] continued to remain the 50 DMA as well as the UNI candles.

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Despite a low volume, the closing green bars of Awesome Oscillator depicted a return in the bullish momentum. The MACD also underwent a bullish crossover indicating a momentum that favored the buyers along with high volatility.

The RSI, on the other hand, turned down before reaching the overbought zone and was now found a little over the 61-mark. This indicated that the market has not exhausted the bullish trend yet and there is still room left to march up towards uncharted territory as the sentiment of buying pressure remained undeterred in the UNI market.

As observed from the above charts, the $36.6 is a short-term resistance level of significance before Uniswap climbs to higher levels in the near future. The 50 DMA acted as a strong protective barrier against the downside near $30 level. Other points of support were found at $26.4 and $22.25 respectively.

DeFi TVL Exceeds $50 Billion As Compound Climbs New Record

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Several prominent Ethereum-driven DeFi protocols have posted a strong bullish move as a new week dawned. This was accompanied by the total value locked across all decentralized finance protocols has hit another milestone.

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According to the latest stats compiled by DeFi Pulse, the TVL in DeFi blasted past a whopping $50 billion on the 5th of April after a renewed market push. With this, the TVL figure was currently found to be almost twice the capitalization of the third-largest crypto-asset, Binance Coin [BNB]. Since the February pullback, the total value locked in decentralized finance protocols has maintained a steady uptrend.

Side by side, the rising TVL was the increase in the token price of many of the top protocols as DeFi traders began stacking during the market lows even as the decentralized finance sector took a break from the spotlight, as opposed to 2020 summer when it was in all rage.

Ethereum Locked Hits ATH Too

As the price of Ethereum established a much-anticipated peak, the cryptocurrency locked in DeFi also surged to a fresh high of 10.78 million ETH. This amount of Ether accounts for roughly 10% of the altcoin’s total circulating supply.

Leading the chart was the decentralized lending protocol, Compound, which recently climbed all the way to $15 billion in terms of the total lending value. As it dominated the decentralized finance market, it contributed to roughly 19% of the value locked up. Next up was another lending platform, Maker with $7.73 billion and DEX platform Uniswap with over $5 billion.

Bitcoin Locked In DeFi Attempts Recovery

The world’s largest cryptocurrency has stalled its momentum around $59K. Despite weeks of consolidating, Bitcoin has failed to establish a record with respect to its value. Alongside, the dull price action, Bitcoin locked up in all decentralized finance projects recently took a tumble to a three-month low.

Its recovery to the current figure of around 138K BTC was not impressive.