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Uniswap partnered with Moonpay for crypto purchases using a credit card and debit card.
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Uniswap token is under bear pressure amid slight intraday gains.
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UNI could proceed lower as investors show little interest.
In an exceedingly bear market, any positive cryptocurrency news is welcome. Investors would want to capitalise on relief rallies for short term gains. However, the latest developments coming from Uniswap did little to excite buyers.
UNI traded up marginally on Thursday after losing 10% in a week. According to the latest announcement, Uniswap is working with Moonpay to let users buy digital assets on its app. Users can buy crypto using credit cards, debit cards, and bank transfers. Uniswap said that users could convert fiat to crypto on various protocols within minutes. These are the Ethereum mainnet, Arbitrum, Optimism, and Polygon.
Further, Uniswap reminded users of the safety advantages of decentralised exchanges. That comes in the wake of the collapse of FTX, which has dented centralised exchanges. One of the main advantages cited with DEX platforms like Uniswap is users’ control over their funds. This is unlike centralised exchanges where users have to share their private keys with third parties. Consequently, Uniswap has been benefiting from the shift from CEX to DEX after the FTX collapse. UNI is, however, struggling to keep the gains made in the recent relief rally.
UNI price is under pressure as it crashes below the resistance
A daily chart price outlook shows UNI under pressure below a resistance at $5.6. The MACD indicator is very bearish, while the momentum is weak. The cryptocurrency has continued to be rejected at the 50-day moving average. The moving average is still offering resistance above.
What next for UNI?
We consider $5.0 as a potential support zone for UNI. The cryptocurrency has recovered at the level before. However, UNI has the potential to crash back to $4.1 support. Investors looking to buy UNI should watch price action signals at the two zones.