Uniswap Price Increases Despite Robinhood Listing

On July 14, the American trading platform Robinhood announced the official listing of Uniswap's native UNI token in its crypto sector. The uni token has somewhat recovered, but upward pressure remains.

Uniswap is a fully decentralized, transparent, and censorship-resistant protocol built on the Ethereum platform that serves as a financial infrastructure for automated liquidity. ERC-20 tokens can be exchanged using Uniswap. Uniswap is a decentralized exchange in a nutshell.

In 2020, Uniswap, a decentralized exchange platform and on-chain market maker, will launch its own governance token called Uni.

According to CoinMarketCap, UNI increased by 14 percent within 24 hours of its listing.

One $UNI coin is currently worth $6.95, with a 24-hour trading volume of $250,296,608.

Yesterday, Uniswap gained a long string of green bullish “candles,” along with an increase in trading volume and a break above the previous resistance point of $6.5. The bulls are currently attempting to hold the key psychological barrier for UNI at $6.5 on the daily candlestick chart.

At the time of writing, the UNI/USD exchange rate had risen from $7.04 to $7.26. The recent price recovery has reclaimed these moving averages and is expected to provide some support; if the support is strong enough, bullish momentum could push UNI to $9.31.

The Stochastic RSI is above the median of 50, indicating that the oscillator is bullish. The MACD index began to slope upwards after a prolonged period of stickiness, forming a bullish crossover.

This demonstrates that the bulls are currently in control of the market. If a large number of sell orders are triggered, UNI/USD will fall and test the US dollar's support level. However, this level of support is insufficient.

The daily ema 20, 50, and 100 have all played important roles in the downtrend over the last eight months, providing dynamic resistance for UNI prices.

American financial services company Robinhood has listed Shiba Inu (SHIB), Solana (SOL), Polygon (MATIC), and Compound (COMP) for a total of 13 crypto assets to meet customer requests for a broader selection of cryptocurrencies.

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