Saturday, February 24, 2024

Uniswap’s UNI Seeks Rebound Following 10% Decline Despite Network’s Latest Updates.

Uniswap (UNI) joined Bitcoin in the December 10 crash, starting on December 9 and falling 14%. However, recovery attempts are underway, with new product and feature releases likely to boost UNI market capital inflow.

UNI market volatility expected from Uniswap feature launches

New wallet improvements on the Uniswap app allow token swaps on Layer 2 (L2s) without switching networks, which could boost UNI’s price. According to the network’s X social media account, automatic fee detection on transfer tokens, protection against front-running and sandwich attacks, faster swaps with shortcuts, and the ability to view balances in seven languages and 18+ new currencies are other features.

Price outlook for Uniswap as UNI attempts a rebound rally

After a sharp drop, the Uniswap price is trying to recover on the daily timeframe, with the Relative Strength Index (RSI) above 50 and the Awesome Oscillator remaining positive.

Uniswap pricing could challenge the supply zone from $6.321 to $6.690 if buying pressure rises. The UNI market value must close above the midline of this order block at $6.514 as a daily candlestick to confirm the intermediary trend.

Uniswap pricing might break the supply zone and hit the range high at $7.130 in a bullish scenario. It would rise 16% above present levels.

However, Uniswap pricing could go below $5.944 if the supply zone is rejected. Breaking and closing below this level on the daily timeframe would invalidate the overball bullish forecast, perhaps causing UNI to drop to $5.500 or even lower to $5.000. This would mean a 20% reduction from present levels.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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