Uniswap (UNI/USD) forays into Web3 seem to be hitting the right buttons. A week since CoinJournal reported a $165 million funding for DeFi, the native token has been bullish.
CoinMarketCap shows that the Uniswap token has gained more than 11% in the past week. It is down by an intraday of 2% after a slight market correction. The gains are the second highest among cryptocurrencies in the top twenty. UNI could remain in a bullish market amid building momentum and reawakened interest.
Uniswap is not the only blockchain to make inroads into the nascent DeFi sector. However, the latest funding, led by Polychain Capital, shed a message that it wasn’t messing around. The $165 million deal is one of the largest in the DeFi Space. It also occurs when cryptocurrencies are under intense pressure. Crypto analysts have lauded the move saying it is proof of the growing interest in the DeFi domain by investors.
Uniswaps Labs’ founder has described the funding as a validation for DeFi projects. He says he sees immense value in the sector amid the bear market. The investment raises optimism about crypto infrastructure amid the collapse of firms like Voyager.
Binance’s latest move has also given validation for Uniswap. On October 18, the crypto exchange delegated 13.2 million tokens of Uniswap. That allows Binance to become the second-largest on Uniswap DAO by voting power. Binance’s move adds trust in Uniswap as a protocol expected to grow and return massively to investors.
UNI initiates a bullish MACD crossover as price surges
Source – TradingView
A bullish MACD crossover on the daily chart is validation for bulls on Uniswap. The technical outlook is convincing, considering that the cryptocurrency has overcome a drop below $5.6. The MACD indicator also shows that momentum is starting to build for UNI.
What next for the Uniswap token?
Although UNI faces some resistance at $6.8, we remain optimistic that the cryptocurrency could go higher. Our area of interest lies at $8.38 and potentially higher at $9.2. Beyond the target price will depend on the prevailing crypto sentiment.