UNIUSD remains firmly in its recent uptrend, and the Uniswap price looks on track to make new highs in the coming sessions.
Since its listing on the Binance exchange in September 2020, The Uniswap price has been on a tear. The price is currently higher than its opening day low of $0.15303 by an incredible +26,000%.
What Is Uniswap
Uniswap is a trading protocol for decentralized finance (DeFi) tokens. The boom in DeFi token trading has contributed to Uniswaps’ popularity.
This year, Uniswap has become a major hub for token trading. Its automated liquidity solutions are thought to offer a superior alternative to traditional cryptocurrency exchanges.
The Uniswap price increase has seen the token achieve a market cap of $23.57 Billion at its current $42.21.
This puts the token just outside the top ten of cryptocurrencies by valuation.
Uniswap is currently at number 11. However, it won’t take much to claim the number 10 spot held by Bitcoin Cash (BCH), with a current $24.23 Billion valuation.
Uniswap Price Outlook
The 2-hour chart shows us that Uniswap has remained in an ascending channel since February. The lower end of this channel is currently supporting the price, around the $31.5000 mark.
The price should run into resistance at the top end of the channel, which is $46.8500. I expect the price to test this resistance sometime soon.
This would be an increase of +14% from the current level.
However, should the price drop back below the mid-point of the channel at $38.85, this would cancel the immediate bullish outlook and may suggest a move back to the lower bound at $31.5000
Uniswap 2-Hour Chart
Follow Elliott on Twitter.