UNI is up by 12% today after Uniswap raised $165 million

UNI is up by 12% today after Uniswap raised $165 million

1665732347522 d07d99a2 9db5 405e 8426 4dd8cc594a02

UNI is the best performer amongst the top 20 cryptocurrencies by market cap today and could rally higher soon.

UNI, the native coin of the Uniswap decentralised exchange (DEX), is the best performer amongst the top 20 cryptocurrencies by market cap today.

The coin has added more than 12% to its value in the last 24 hours and is currently trading at around $6.350 per coin.

The rally comes after Uniswap announced that it had raised $165 million in a Series B funding round led by Polychain Capital. 

The Uniswap team said it would use the funds to invest in its web application to improve its simplicity and security. 

The rally also coincides with the positive performance of the broader cryptocurrency market. 

The total crypto market cap stands above $940 billion, up by nearly 4% in the last 24 hours. Bitcoin, the world’s leading cryptocurrency, is up by 3.5% so far today and is trading at around $19,700 per coin at press time.

Ether is also up by more than 3% in the last 24 hours and is now trading above $1,300 for the first time this week.

Key levels to watch

The UNI/USD 4-hour chart is bearish despite Uniswap rallying by more than 12% in the last 24 hours. However, the technical indicators show that Uniswap is recovering from its recent poor performance.

1665733142142 27728114 0312 4193 9ffa a5ce6ddc81bc

UNI/USD Chart By TradingView

The MACD line remains below the neutral zone but has been rising over the last few hours, indicating that the bulls are starting to gain control.

See also  Top cryptos in the green, US markets in turmoil

The 14-day relative strength index of 57 shows that UNI is no longer in the oversold region. If the bullish momentum is sustained, UNI could move past the first major resistance level at $7.216 before the end of the day.

In the event of an extended bullish run over the weekend, UNI could touch the $8.019 resistance level for the first time since August. 

Where to buy now


eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in.

It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest.

eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy UNI with eToro today


Capital.com is a global broker which offers over 200 cryptocurrencies for its users.

It comes with a range of features such as; great security, 24/7 support, demo accounts and a wide variety of assets.

On top of that, it also has no inactivity, withdrawal or deposit fees, which makes it stand out from other crypto brands.

Buy UNI with Capital.com today

Source link