The DEX sector has made a collective profit of nearly 60% in the last 24 hours, whereas their centralized competitors have only gained by 0.77 percent.

After collapsing last week in the wake of China’s decision to ramp up its anti-Bitcoin (BTC) and cryptocurrency rhetoric, Uniswap (UNI) prices have made a strong comeback.

On Monday, the UNI price rose 14.90 percent to an intraday high of $26.26. The rise comes a day after the UNI/USD fell to a monthly low of $17.63. As a result, it generated profits of more over 48 percent for dip purchasers in the last 24 hours.

FOMO ADOPTION

After collapsing last week in the wake of China’s decision to ramp up its anti-Bitcoin (BTC) and cryptocurrency rhetoric, Uniswap (UNI) prices have made a strong comeback.

On Monday, the UNI price rose 14.90 percent to an intraday high of $26.26. The rise comes a day after the UNI/USD fell to a monthly low of $17.63. As a result, it generated profits of moreover 48 percent for dip purchasers in the last 24 hours.

As a result, Uniswap’s potential as a DEX could lead to a steeper UNI adoption curve. As a result, it appears that China’s tightening grip on the crypto business has raised the appeal of tokens among investors.

In a statement released on Friday, the People’s Bank of China (PBoC) and other government authorities declared crypto transactions illegal. Meanwhile, they went after offshore bitcoin exchanges, saying that offering online trading services to Chinese citizens is illegal.

The move closed a gap that had existed since the PBoC forbade all regional financial institutions from providing services to cryptocurrency businesses. Traders in China continued to use off-shore bitcoin trading platforms including Huobi, Binance, and OKEx throughout this time.

Technicals at UNI

Prices of UNI have been falling within a parallel downward channel that appears to be the “handle” of a typical cup-and-handle technical pattern.

When an asset develops a rounded bottom (cup) while correcting following a strong run higher, the setup appears. After completing the pattern, it moves downward in a descending channel range, usually leading to an upside breakout.

By admin

Leave a Reply

Your email address will not be published. Required fields are marked *