As Uniswap’s valuation increased to $1.66 billion, UNI gained 14.2 percent in the past day. Hayden Adams, founder of Uniswap, announced a significant upgrade to the decentralized exchange on the company’s official blog.
As of this writing, UNI is trading at $6.28, down 8.6 percent in the past seven days, according to data from Coingecko, Friday.
Polychain Capital’s latest funding round is largely responsible for the increase in valuation. Existing investors such as Paradigm, Variant, SV Angel and a16z crypto also participated in the Series B investment round.
The article claims that the money will be used to strengthen the ecosystem in general, particularly in terms of security.
Web3, here it comes
The investment round, Uniswap’s next funding round in the past few years, was first revealed in September. Back in August of 2020, Uniswap protocol received its initial round of funding.
By expanding web applications and developer tools, introducing NFTs, entering the mobile market, and other initiatives, Uniswap Labs hopes to make the Uniswap protocol available to a wider audience.
The official Uniswap Twitter account also informed its fans of the news. This capital injection will make Uniswap a competitor in the DEX market, allowing it to compete with Binance and Coinbase. The improvement was made possible by the company’s acquisition of Genie, an NFT complex.
Uniswap: What the graphs indicate
According to Defillama, the total value of the protocol booked increased from its current low of $4.77 billion to $4.83 billion. However, this is just below TVL’s peak of $5.08 billion on October 13.
At the time of publication, the value of the token has increased by more than 9.52 percent. The rally occurred after UNI’s $7 price range was rejected. UNI techniques also look excellent. The current value of Chaikin’s money flow is 0.70, which indicates that the bulls are in control of the market.
Image: TradingView
Momentum also points to the upside, which provides investors and traders with strong buy signals. The current show is part of a broader show that started on September 21. With the current positive momentum of the coin, we expect it to test the 50 Fibonacci retracement level.
The current support is located at $5,993, which showed its strength by resisting the recent decline. Investors and traders can count on the Stoch RSI reading indicating oversold conditions if the bears overcome the current bullish momentum.
UNI total market cap at $4.7 billion on the daily chart | Featured image from Forkast, Chart: TradingView.com
Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
Originally published at San Jose News Bulletin
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