Uniswap price analysis: Bearish swing results in price correcting down to $6.64

Recent Uniswap price analysis shows a bearish swing in the market resulting in UNI correcting down to $6.64. A decrease in price levels has been observed in the last 24 hours as well, which is quite discouraging for the buyers.

Timeline of Uniswap

Uniswap price analysis reveals that the UNI/USD pair has started to gain bullish momentum after a period of consolidation at around the $7.00 level. The daily chart shows that the price has broken out of a descending triangle pattern and is currently trading at $7.07.

UNI's price shows the first sign of bounce after forming a bullish pattern as the price gets rejected into a range channel.  UNI bounced off its downtrend movement as the price broke its resistance of $6.8 but failed to hold this region.

Uniswap (UNI) falls back to the low of $5.71 and continues its sideways movement. Since the price collapse on August 28, UNI/USD has fluctuated between $5.50 and $7.00. It is difficult for buyers to overcome the resistance at $7.00.

On 18 October, the world's largest centralized crypto exchange by volume Binance, delegated 13.2 million UNI tokens to its own wallet on Uniswap, granting it the power to propose governance votes on decisions affecting the protocol. The amount of UNI tokens delegated represents 5.

CryptoCompare, the leading institutional digital asset data provider and FCA-authorized benchmark administrator, has launched its updated Exchange Benchmark, which now also assesses the risk associated with decentralized exchanges (DEXs).

Binance, the world's largest cryptocurrency trading exchange by volume, is now the second biggest voting member of the decentralized exchange Uniswap DAO . The company delegated 13 million UNI (CRYPTO: UNI) tokens from its own book.

Binance CEO Changpeng Zhao has clarified that the exchange did not intentionally delegate 13 million UNI tokens to itself. The post Binance didn't intend to delegate 13 million UNI tokens, says CEO appeared first on The Block.

Uniswap is a decentralized exchange that gained enormous fame during the decentralized finance hype in 2020. It went from a few million dollars to a trading volume of 100 billion dollars in the span of just one year.

WhaleStats, a crypto whale movement tracking platform, tweeted a list of most used smart contracts by the top 500 BSC whales. Standing at rank #8 was UniSwap [UNI], which was good news for the blockchain as it indicated increased popularity of the chain and its native token.

The technical chart shows the Uniswap coin price forming an inverted head and shoulder pattern in the daily time frame chart. This bullish reversal pattern is known to flip the market sentiment and initiate a series of new higher highs and higher lows trends.