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Uniswap (UNI) has spent the day trying to reach September 2020 levels as it passed the $7 mark.

Uniswap’s price was steadily increasing since 11 Jan, and went from $4.464 to as high as $7.126. The cryptocurrency is now experiencing a slight decline as bulls couldn’t break the $7 mark with confidence.

Uniswap is a popular decentralized trading protocol, well-known for its role in facilitating automated trading of the popular decentralized finance (DeFi) tokens. The project aims to keep token trading automated as well as completely open to anyone who holds tokens, while improving the trading efficiency when compared to crypto exchange trading. Uniswap aims to create more efficiency (and is successful in doing so so far) by solving liquidity issues with automated solutions, therefore avoiding the problems that most decentralized exchanges face.

In September 2020, Uniswap created and awarded its own governance token, UNI, to the current and past users of the protocol. This added two great things: profit-making potential and the ability for users to shape the future of UNI.

UNI is still following its uptrend, which made the cryptocurrency gain 5.03% week-over-week. When compared to other cryptocurrencies, BTC and ETH managed to lose 2.11% and 4.12% over the same period, respectively.

Uniswap is the 4th largest DeFi cryptocurrency as well as 22nd largest cryptocurrency in general, with a market cap of $1,811 billion.

At the time of writing, UNI/USD is trading for $6.57, which represents month-over-month gains of 86.42%.

UNI has had a rough couple of months after the token launch, as its price dropped massively and hit a low of $1.76. However, as the platform got more popular, UNI token started increasing in price. Great fundamentals, alongside Bitcoin pulling every cryptocurrency in the sector up, caused UNI to contest the $7 level, only seen after its launch in September 2020.

Uniswap is very stable at the moment, with its downside guarded by the $6 level as well as the heavy support zone slightly above it. On the other hand, its upside is a zone around $7, and UNI will most likely not be able to pass it without the help of Bitcoin.

UNI/USD daily chart

Uniswap’s RSI on the daily time-frame has been going in and out of the overbought territory, with the current value of 65.30.

UNI/USD 1-hour chart

UNI’s hourly time-frame better shows us how the cryptocurrency failed to break the $7 mark with confidence, triggering a pullback. However, the pullback was quickly stopped by the 21-hour moving average, which is a major bullish signal. Uniswap’s volume is still very high as bulls are entering the market and buying UNI yet again.

The post Uniswap passes $7 and contests its September 2020 highs appeared first on Invezz.

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