Uniswap’s UNI Token Surges 28% in a Week
The native token of Uniswap, UNI, has experienced a significant increase of 28% in the past week, following the overall trend in the crypto market. Currently trading above $7.71 with a market capitalization of $4.61 billion, UNI shows potential for further growth.
UNI Turns Key Supply Wall into Support Level
According to industry expert Ali Martinez, UNI has successfully transformed a crucial supply wall at $7.23 into a solid support level. This support is spread across 3,500 addresses holding over 20 million UNI tokens, indicating the possibility of reaching $10 without significant resistance in the near future.
Uniswap Expands its Reach
Besides financial gains, Uniswap has strategically expanded its presence in the crypto space. The decentralized trading protocol recently entered the Bitcoin ecosystem by launching on Rootstock, a sidechain connected to the prominent blockchain network.
GFX Labs, the creator of the Oku trading engine, led this initiative to provide users with advanced capabilities for managing positions, placing orders, and monitoring analytics on the Rootstock sidechain.
Furthermore, Uniswap Labs has improved user accessibility through the introduction of its Android mobile wallet app. This user-friendly app facilitates swaps and enhances user access to decentralized finance after successful closed beta testing and an earlier iOS version release.
Uniswap Emerges as a Strong Player in Decentralized Trading Protocols
With its recent positive momentum and strategic expansions, Uniswap is establishing itself as a significant contender in the evolving landscape of decentralized trading protocols.
Hot Take: Uniswap’s UNI Token Shows Strong Growth Potential
Uniswap’s native token, UNI, has demonstrated a remarkable surge of 28% over the past week, indicating its potential for further growth. With key supply walls turning into support levels and strategic expansions in the Bitcoin ecosystem and user accessibility, Uniswap is positioning itself as a notable player in the decentralized trading protocol space. Keep an eye on UNI as it continues to make waves in the crypto market.
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