UNI was one of the top performers 24 hours ago, posting higher returns than other top cryptocurrencies namely Bitcoin, ETH and BNB.
Today UNI price is up 13.26% to hit a 7-day high of $ 25.68. Traders continued to place higher bids on Wednesday, increasing its value to $ 26.07 at one point, up more than 15% from the previous session’s opening price of $ 22.66.
UNI 4-hour price table | Source: Tradingview
BILLIONwhole market Boost recovery UNIVERSITY?
Most of UNI’s gains in the past 24 hours appear to have come right after the market-wide rally.
In the above timeframe, for example, Bitcoin – the leading cryptocurrency with far-reaching influence on the rest of the market – jumped to USD 47,000 after a plus of 4.85% on Tuesday, then ETH rises to USD 3,500 with a plus of 4.57%.
Coins such as BNB, XRP, DOGE, LUNA and LINK also rose. In contrast, the smart contract platform Solana’s native asset, SOL, fell 6.47% after a denial of service disruption in its network, as reported by Bitcoin Magazine.
At the same time, Cardano (ADA), one of Solana’s top competitors, is also losing more than 1%.
Returns on the top tokens, including UNI, appear to have been driven away from the SOL and ADA markets by the trend of capital rotation.
In particular, SOL’s market cap has increased more than 400% since entering the booming NFT sector in the quarter to date, providing traders with a great opportunity to make temporary profits. In addition, the power failure accelerated the profit-taking scenario.
On the other hand, Cardano is attracting speculation because of the Alonzo upgrade. With this upgrade, the network becomes a smart contract platform for the first time since its inception. Additionally, ADA’s 2,500% YTD performance gave traders the right opportunity to “sell the truth” and secure profits.
holder UNIVERSITY is the owner of 9.15 million MIR. Tokens
Uniswap’s stellar performance over the past 24 hours has also been fueled by speculation that UNI holdings may give them access to the token airdrop.
In one note Recently, Brendan Murray, director of content marketing at Boston-based blockchain analytics firm Flipside Crypto, quoted a study by Twitter user Jr3225. Research shows that many UNI holders did not know that when they were dropped in December 2020 they could claim 9.15 million MIR tokens from the synthetic asset platform of the Mirror Protocol.
For comparison: LUNA stakers can claim more free MIRs than UNI. The MIR price has increased by 200% this year.
Total ME is inquiry on the y-axis, airdrop style on the x-axis | Source: Jr3225
report was announced on Tuesday, coinciding with UNI’s price increase.
Technical outlook from UNIVERSITY
UNI’s most recent rally tested a support confluence comprised of the downtrend line resistance and the 38.2% Fib line (~ $ 26.093) of the Fibonacci retracement (pulled from swing high 42, $ 89 to swing low of 15 , 7).
Price table UNIVERSITY Daily | Source: TradingView
Sellers took control near this confluence, causing UNI to correct 4.59% to an intraday low of $ 24.5. The next support target is the confluence of the 23.6% Fib line ($ 22.12) and an ascending trendline that forms an overall ascending channel.
The temporary bullish outlook requires a break above $ 26.09 and towards the next Fib levels ($ 29.3 and $ 32.51 etc) unless the pair hits the pair’s upper trendline.
Meanwhile, a bearish setup may cause UNI to drop below the $ 22.12 Fib line and channel support towards the $ 15.7 target.
You can see the UNI prices here.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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According to Cointelegraph