October 23, 2020

Altcoin NewsZ

Daily Cryptocurrency Update

Trader Claims Uniswap’s UNI Will Plunge to $2.00 Prior to Platform’s V3 Launch

Uniswap’s UNI token has been struggling to garner any sustainable upwards momentum over the previous few days and weeks, with every rally being met with huge inflows of promoting stress that drive its worth decrease.

There aren’t any fast catalysts for it to see any important upside, as it’s going to nonetheless be fairly a while earlier than any governance proposal is put ahead and handed to distribute charges to holders, and there’s no definitive date for when V3 of the platform shall be launched.

Till both of those two occasions happen, it stays unclear as to when the cryptocurrency will have the ability to see any sustained upwards momentum.

One narrative that would bolster the cryptocurrency sooner or later is the regulatory clampdown and sequence of hacks seen by centralized exchanges as of late.

The $150m KuCoin hack just a few weeks in the past directed a highlight onto the dangers incurred by holding capital on centralized platforms. The current arrest of the OKEx founder – which resulted in 200,000 BTC being locked inside the platform, additional bolstered the case for DEXs.

Regardless of this rising narrative, one analyst believes that Uniswap’s UNI will proceed plunging decrease within the days and weeks forward, probably hitting the lower-$2.00 area.

Uniswap’s UNI Struggles to Acquire Momentum as Promoting Strain Mounts

Straight following the current information of OKEx’s crypto withdraws being suspended, Uniswap’s token price rocketed larger, signaling that buyers anticipated this information to offer DEXs with a lift.

It has since surrendered these positive aspects and is at present buying and selling down marginally at its present worth of $3.00.

It does seem {that a} break under the $3.00 help stage is imminent, which may kick off a recent bout of promoting stress.

Analyst: UNI More likely to Plunge In direction of $2.00 Earlier than Rebounding

One analyst explained that he believes a transfer to $2.00 is imminent for Uniswap’s UNI.

Nevertheless, he does observe that the token may get a near-term enhance if Yearn.finance decides to modify methods from Curve to Uniswap within the near-term.

“UNI I’m shorting every little thing above $3.2. Alpha leak: Anticipating YFI to vary technique from CRV to UNI lengthy earlier than UNI v3 launch,” he mentioned.

Uniswap UNI

Picture Courtesy of Mac. Supply: UNIUSD on TradingView.

Until there’s some catalyst that shifts its near-term pattern, Uniswap’s UNI will doubtless proceed drifting decrease within the near-term.

Featured picture from Unsplash.
Charts from TradingView.