The strength in the face of insane sell pressure seems to indicate that UNI price likely to rally towards $5 next
As AZCoin News reported, after Uniswap issued the UNI governance token, Coinbase Pro and Binance announced to support this token, bringing UNI price up to 300% for the day. This upturn has created a shock wave in the whole market.
UNI price | Source: CoinMarketCap
UNI price has maintained a rise of over 200% in the past 24 hours
Uniswap is very generous to give away 400 UNI tokens for free to everyone who used the platform to trade – or contribute to its liquidity – before September 1, 2020. Naturally, Uniswap users received $ 400 – $ 1,600 for free, as the UNI price ranged from $ 1 to $ 4 once listed and distributed.
It is important to note that although some people predicted UNI would see a strong sell-off due to the wide distribution of tokens, it seems that the buying pressure has been more significant than the l400 sell orders from users of communication.
As for UNI’s outlook, its rally could be somewhat limited, given its thin valuation close to $ 3 billion. Most of the total supply won’t be released for many years, leaving its current market cap at $ 177 million, which is relatively low compared to its general utilization rate.
Analyst Deadrabbits notes that UNI’s strength in the face of insane selling pressure seems to indicate that it is poised to see further price spikes.
$UNI insane sell pressure, biggest free monies drop in crypto, all other alts bleeding & still price holds, why?
maybe it’s because it’s the most legit, respected and used thing in crypto right now.
i don’t think #uniswap price crashes badly
this is a baby everyone can love pic.twitter.com/e02KaDwA5l
— deadrabbits (@high_fades) September 17, 2020
At press time, Uniswap (UNI) is trading around $ 3.38, up 210% over the past 24 hours, marking a notable gain from the recent lows of approximately $ 1. One analyst believes a rally The trend towards a new post-listing high of $ 5.00 is likely to be imminent in the short term, based on the analytical chart below.
As long as the DeFi trend remains hot, so is the outlook for UNI.
- Binance Already Announced Support For Uniswap New Token, UNI Price Increased By Almost 60%
- After Coinbase Pro And Binance Listing Support Announcement For Uniswap’s Just-Released Governance Token UNI To Rally 300% In Price