Uniswap (UNI)
- UNI coin is the governance token of an automated crypto trading platform, Uniswap.
- The Uniswap platform’s popularity has risen as a result of the liquidity it offers and the DeFi phenomenon.
What is UNI coin?
For its role in automating the trading of DeFi tokens, Uniswap is a popular decentralized trading technology.
In September 2020, the network launched the UNI coin, which is its governance token. In other words, the coin’s owners get to decide on the coin’s future evolution. There are 1 billion UNI coins in circulation right now. This is also the maximum supply from the platform.
Since its inception in November of last year, the Uniswap platform has attracted substantial attention due to the DeFi phenomenon and the resulting increase in token trading.
In terms of market capitalization, the UNI coin is presently the 11th most valuable cryptocurrency, valued at around $16.8 billion.
Is UNI Coin a good investment?
Going by its trading statistics, the UNI coin is evidently a good investment. With its current price of $27.627, the UNI coin has risen by about 6,491% since its launch in September 2020. That is a massive rise, even by crypto standards, in a period of just over a year. In the past year, it has risen by about 867%. Since the beginning of the year, the UNI coin has gained an average of about 33.85% per month.
UNI coin is currently about 32.7% higher over the last 30 days. It has had a stellar year and hit its all-time high price of $44.97 in March. However, UNI has recorded a 30-day high price of $31.39 and a 90-day low of $16.98, representing a variation of about 84.85%. This shows that UNI isn’t immune to the volatility that is a typical trademark of cryptocurrencies.
Should I invest in UNI coin today?
According to the daily analysis chart below, UNI coin’s 20-EMA has recently crossed above the 50-EMA. This is a strong signal that the market is currently bullish on the asset, thereby increasing the chances of price gains. Therefore, if you invest in the UNI coin today, you stand a good chance of profiting in the near term.
Technical analysis for CRYPTO: UNI
Best case scenario
According to the daily price chart for UNIUSD, the pair has been on an ascending channel since the beginning of October. The 20-EMA (green line) has recently crossed the 50-EMA (red line), which signals bullishness.
The RSI is relatively strong at 58, which indicates strong momentum. If the bulls sustain the momentum, they will probably push the price marginally to encounter the first resistance at $27.83. If they breach that level, it could trigger a breakout beyond the recent tight range to the second resistance level at $30.47.
Worst case scenario
The formation of a long wick on the last candlestick shows that upward momentum is fizzling out and that a trend reversal could be imminent. That could set the stage for bearishness. The bearish sentiment is also supported by the downward-facing RSI indicator, which signals weakening momentum.
If the bears take control, they could pull down the price to the first support at $28.07 and possibly to the second support at $23.75. The formation of the long wick on the lower end of the last candle means that further bearishness is possible beyond that point. This could see the support level slide further down to $18.99.
Will UNI coin hit $100 in a year?
Using an average monthly growth rate of 33.85% discussed earlier, and assuming that UNI coin sustains that rate over the next year, its price could rise to $37.35. However, if we integrate the variation of 84.85% between the current price and all-time high, the price could rise further to $68.91.
What is UNI coin price prediction for 2025?
If we apply the same average monthly growth rate of 33.85% over the next four years, UNI could rise to $101.65 by October 2025. However, assuming that the variation between the ATH and the current price will remain as it is today (84.85%), the UNI coin price could rise as high as $187.54
The best way to buy UNI coin
If you wish to buy the UNI coin, you can get it at any of the following exchanges: Coinbase, Kraken, Gemini, Bitfinex, Binance, Bittrex, or FTX.