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Uniswap Along With Bitcoin Rallies by 14% As NFT Marketplace Launches

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·2 min read
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Key Insights:

  • Uniswap announced the launch of its own NFT marketplace.

  • UNI shot up by 30% in 24 hours.

  • Bitcoin continues to dabble around $21k.

The broader market recovery triggered a rise for a lot of altcoins. However, Uniswap had its own reason for its incline stemming from the growth of its network and use cases.

Now the DeFi platform is more than just a Decentralized Exchange (DEX).

Uniswap Enters the NFT Space

Announcing the addition of an NFT marketplace to the network, Uniswap made its investors very happy, who noted the price of the token rallying considerably.

At the time of writing, UNI was trading at the price of $4.94 with the opportunity of a further rise visible on the price indicators.

The Parabolic SAR was the first to exhibit an uptrend as the indicator switched its position and shifted underneath the candles.

Although this is the second uptrend this month, the first one did not do much for the coin, so it cannot be said if this one would be successful in bringing much change.

Secondly, the MACD indicator is also supportive of a rally as the bullish crossover took place on the charts. Bullishness seems to be increasing thanks to the appearance of the green bars. 

Thus this support might be helpful in invalidating all of the 32.23% loss UNI witnessed throughout this month.

Bitcoin on the Sidelines?

While altcoins took charge of the market, the king coin Bitcoin watched, marking minimal growth on the charts today. Trading at $20.8k still, BTC has been slipping in and out of the $21k zone.

With the bias leaning towards it, it is becoming more and more difficult for the king coin to invalidate June’s almost 40% crash.

There is no solid indication of an uptrend either since the Relative Strength Index (RSI) is still under the neutral zone of 50.0.

Furthermore, the Bolling Bands, while do highlight high volatility thanks to the divergence of the bands, point it in the downward direction.

This is because the bias of the indicator is still acting as resistance and far away at $35k at that. Put simply, if BTC wants a sustained rally, it might need to first escape $21k and close above $25k.

This article was originally posted on FX Empire

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