Uniswap (UNI / BTC) Close weekly candle, with 38% gain. Could you go for the Maximo?
And this week the price can continue to rise and could reach the maximum price achieved in September 2020.
Let's see
Uniswap its candle closes the week with a 38% increase in its price in bitcoin.
Since its last bullish cycle, if we measure with a fibonacci retracement, since the previous high it had corrected a 50% fibonacci.
Since that correction, a new bullish cycle has started.
It is the first weekly candle to close at these values, a good bullish sign
Analysis of the chart according to Fibonacci.
Let's analyze the chart to indicate possible price targets, chart according to fibonacci retracement lines.
But first, What Is Uniswap (UNI)?
"Uniswap is a popular decentralized trading protocol, known for its role in facilitating automated trading of decentralized finance (DeFi) tokens."
"Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems which plagued the first decentralized exchanges."
"In September 2020, Uniswap went a step further by creating and awarding its own governance token, UNI, to past users of the protocol. This added both profitability potential and the ability for users to shape its future - an attractive aspect of decentralized entities. "
The problem is that for now the Uniswap token is tied to the Etherum chain, with a large volume of operations on decentralized exchanges causing an increase in the ethereum gas rate, which initially made the price fall, but possible future solutions make it rebound recently.
"It appears that Uniswap's CEO, Hayden Adams, has a plan that will solve the problem. He had earlier took to Twitter about the launch of its upgraded version 3 later this year. "
"Many believe that Uniswap’s V3 Upgrade has pushed Uniswap in making its place in the top 10 Crypto list. UNI price has surged over 600% in 2021"
Analyzing the chart we can mark a possible price target between 76355 and 80,000 satoshis, about $ 40.
This would be a 1,268 fibonacci extension and the maximum price reached by Uniswap in bitcoin reached in September 2020.
But before reaching these values we could see a little correction
What you think? Will we correct or direct uniswap to max its price?
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