{"id":5438,"date":"2020-11-13T23:00:49","date_gmt":"2020-11-13T23:00:49","guid":{"rendered":"https:\/\/www.newsbtc.com\/?p=449723"},"modified":"2020-11-13T23:00:49","modified_gmt":"2020-11-13T23:00:49","slug":"uniswaps-uni-is-looking-quite-attractive-as-it-rebounds-from-key-support","status":"publish","type":"post","link":"https:\/\/www.buyucoin.com\/crypto-labs\/uniswaps-uni-is-looking-quite-attractive-as-it-rebounds-from-key-support\/","title":{"rendered":"Uniswap\u2019s UNI is Looking \u201cQuite Attractive\u201d as It Rebounds from Key Support"},"content":{"rendered":"

Uniswap’s UNI token has faced some intense selling pressure throughout the past few weeks, with it being struck particularly hard by the recent downturn seen across the aggregated DeFi sector<\/a>.<\/p>\n

However, this weakness is beginning to transform into strength as buyers have sent the crypto rocketing nearly 100% from its recent lows.<\/p>\n

The intensity of this recent uptrend indicates that bulls might be on the cusp of sparking a parabolic uptrend, with many of the so-called “blue-chip” DeFi assets all screaming higher as of late.<\/p>\n

There’s one outstanding catalyst that could also bolster Uniswap’s UNI this week. The UNI reward LP pools that have been running for the past 57 days are about to run dry.<\/p>\n

The selling pressure resulting from these LP incentives have been largely thought to have placed some immense downwards pressure on the cryptocurrency’s price.<\/p>\n

Once they end, there will be less daily selling pressure placed on the token, giving it room to rally.<\/p>\n

Uniswap’s UNI Rallies Alongside Aggregated DeFi Market<\/strong><\/h2>\n

At the time of writing, Uniswap’s UNI token<\/a> is trading up over 20% at its current price of $3.58.<\/p>\n

This marks the highest price seen by the cryptocurrency in weeks and is nearly 100% above its sub-$2.00 lows set last week.<\/p>\n

This uptrend’s intensity has come about in tandem with those seen by other benchmark DeFi assets, including Yearn.finance’s YFI token, which is also trading up nearly 20% at the time of writing.<\/p>\n

The ongoing DeFi explosion has come about in the absence of any noticeable strength from Ethereum, which remains a backbone for the sector.<\/p>\n

If ETH can rally higher and break past its $500 resistance, assets like Uniswap’s UNI may soon be able to climb in tandem.<\/p>\n

Analyst: UNI Likely to Target $4.00 as Bulls Take Control<\/strong><\/h2>\n

One analyst explained in a recent tweet<\/a> that he is now watching for UNI’s price to rocket towards $4.00 in the near-term, noting that its chart is looking “quite attractive.”<\/p>\n

\n

“UNI – Beginning to look quite attractive for a long soon. Long the triangle break szn.”<\/p>\n<\/blockquote>\n

\"Uniswap\"<\/p>\n

Image Courtesy of UB. Source: UNIUSD on TradingView.<\/a><\/pre>\n
If the entire DeFi market continues flashing signs of strength, then UNI could be poised to see significantly further upside<\/a> in the days and weeks ahead.<\/p>\n
Featured image from Unsplash.\nCharts from TradingView<\/a>.<\/pre>\n","protected":false},"excerpt":{"rendered":"
Uniswap’s UNI token has faced some intense selling pressure throughout the past few weeks, with it being struck particularly hard by…<\/p>\n","protected":false},"author":1,"featured_media":5439,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[55],"tags":[190,191,192,177],"class_list":["post-5438","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-daily-crypto-news","tag-uni","tag-unibtc","tag-uniusd","tag-uniusdt"],"_links":{"self":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5438"}],"collection":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/comments?post=5438"}],"version-history":[{"count":0,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/posts\/5438\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media\/5439"}],"wp:attachment":[{"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/media?parent=5438"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/categories?post=5438"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.buyucoin.com\/crypto-labs\/wp-json\/wp\/v2\/tags?post=5438"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}