UNIUSDT (Uniswap) - Coin of the Week

Uniswap is a well-known decentralized trading system that helps automate the trading of decentralized finance (DeFi) tokens. An example of an automated market maker (AMM), Uniswap launched in November 2018, but has gained considerable popularity this year thanks to the DeFi phenomenon and associated surge in token trading. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens, while improving the efficiency of trading versus that on traditional exchanges. Uniswap came about as a plan to introduce AMMs on Ethereum to a wider audience. The platform’s creator is Ethereum developer Hayden Adams.

Technically, the structure that UNI is making is “trapped” between the resistance marked on the chart and the low that it made on the 23rd of May at 13 USDT. If the price breaks the blue trendline the highest probability move would be a continuation to the low. If the price stays above it (blue trendline), we can see it touching the resistance zone.

Trade with care.

Best regards,
Financial Flagship

Disclaimer: The analysis provided is purely informative and it should not be used as financial advice. Remember that you need a plan before you start trading; so, take this knowledge and use it as a guidebook that will ultimately help you understand the market and easily predict your next move.