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.
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.
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.
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