Uniswap Struggles to Breach a Resistance at $30: Can it Go Beyond Again?

Uniswap Struggles to Breach a Resistance at $30: Can it Go Beyond Again?

Uniswap is a peer-to-peer decentralized cryptocurrency exchange. The team behind Uniswap has seen its price struggle to breach the resistance at $30 for close to an hour, but as of now it appears that this might be just a temporary halt in Uniswaps general upward trend from last week.

On the 30th of September, Uniswap hit a resistance at $30. After struggling to break through since then, it finally breached that barrier last week. What will happen next? Will this be enough for another bull run or is there more room left to go?The “uniswap going down today” is a question that has been asked many times. The answer to the question is because of the resistance at $30. The price has not gone beyond this point since it was created, but can it go beyond again? Read more in detail here: why is uniswap going down today.

Uniswap Struggles to Breach a Resistance at $30: Can it Go Beyond Again?

 

Uniswap (UNI) is one of the world’s biggest DEXes, and unquestionably the largest created inside Ethereum’s DeFi ecosystem. The project, which was started in 2018, is not as old as other DeFi protocols, but it has already experienced a lot of activity in the last 12 months.

Before soaring in 2021, the token’s price plummeted from $6.9 to $1.9 in early November 2020, before spiking in 2021. Following that, it began to steadily recover as the Bitcoin boom continued to attract altcoins.

Between late December 2020 and mid-May 2021, UNI continued to rise, rising from $3.7 to an all-time high of $44.97 on May 3rd. After failing to break through the barrier at $45, the token was prepared to try again. Unfortunately, it was about the time of the mid-May price fall, which drove the price down to $16.84 on May 23rd.

The token has been attempting to recover since then, but a barrier near $30 has held it below this level, preventing it from crossing and returning to its all-time high, or perhaps going beyond it.

UNI is still at $28 at the time of writing, despite a 5.48 percent increase in the past 24 hours and an even larger weekly increase of 8.83 percent. However, as the fresh rally began as the year neared its end, many are now wondering whether Uniswap can break over the $30 barrier level.

What exactly is Uniswap?

Let us briefly summarize what Uniswap is before we attempt to address that question.

As previously said, Uniswap is a well-known decentralized trading technology, commonly referred to as a decentralized exchange, or DEX. Its purpose is to make automated DeFi token trading easier. The project has been around as an example of an automated market maker for quite some time. However, it only became a well-known decentralized exchange last year, when DeFi took off and the need for a DEX in Ethereum’s ecosystem surged.

Uniswap is currently attempting to maintain token trading automated and available to anybody who owns tokens, in order to provide a better, quicker, and less expensive service than conventional, centralized crypto exchanges like Binance, Coinbase, and others.

The initiative does this via increasing efficiency, which is accomplished by using automated methods to address liquidity difficulties. This helped it to sidestep one of the most serious issues that the initial DEXs faced: a lack of liquidity. Because DEXes have poor liquidity, no one would utilize them because they couldn’t swiftly purchase and sell tokens. And the liquidity could not rise since no one was utilizing them. Before AMMs, this was an unending cycle that ensured failure for any DEX, permanently transforming decentralized trade.

Of course, the project has its own native coin, the UNI token, which is utilized as a governance token. In other words, individuals who own it become members of Uniswap’s governing body – a community that may submit modifications or vote on suggested changes, influencing the platform’s development.

Uniswap reaches a new level of success.

UNI price battled to break over $27 over the weekend, was denied by this level, falling to $25.5, and then tried again on Tuesday. This time, the currency had more success, temporarily breaking beyond the $28 barrier.

For the time being, this level remains a barrier for UNI, which soared from $26.5 to $28 in only a few hours, and although it broke through and hit $28.04, it still has to move higher to transform this level into a support.

Fortunately, this is probably to be expected, given the protocol has seen large volumes of trading in recent days. For example, Uniswap’s total trading volume surpassed $500 billion over the weekend. This is a huge step forward for the procedure. On Twitter, Uniswap Labs expressed their excitement at the fact that millions of people ‘had direct access to markets that they could trust were working in their best interests,’ which is why they picked it in the first place.

After that, Uniswap found that customers put a high importance on transparency, autonomy, security, and dependability, all of which are traits that may be used to define this decentralized exchange.

The platform’s volume is also increasing, with $1.3 billion being transacted in only 24 hours. Meanwhile, its TVL has a market capitalization of $3.45 billion. In addition, the protocol received additional dashboard features, as well as layer 2 versions of Arbitrum and Optimism.

Is it possible for UNI to break the $30 barrier?

With all of Uniswap’s recent events, there’s no question that UNI is still undervalued, and that its price belongs above the $30 barrier. All it takes are the appropriate market circumstances, and the token’s value will surely return to its previous all-time high, if not surpass it. Of fact, no one knows the token’s ultimate worth, so forecasting how far it can or will go is impossible.

However, the DeFi sector continues to develop, attracting more users every day, and tokens like UNI, which have genuine use and are rather popular, will almost certainly continue to rise, thus a jump past $30 is possible and predicted. It is a question of “when,” not “if.”

Visit our Investing in Uniswap guide to learn more about this project.

The “locked liquidity uniswap” is a cryptocurrency that has struggled to breach the $30 resistance. It was created by Uniswap, an exchange platform for trading crypto-assets.

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