Uniswap Price Sits Calmly Waiting For a Catalyst

Summary:
• Uniswap price has been in a tight range recently. We explain what Uniswap is and what to expect as it forms a triangle pattern.

The Uniswap price has gone nowhere in the past few days. The UNI token is trading at $26.57, where it has been in the past few weeks. Its total market cap is currently at $16.5 billion, making it the 16th biggest cryptocurrency in the world. Other DeFi-tied coins like Aave, Compound, and Curve have been in a narrow range as well.

Uniswap is a Decentralized Finance (DeFi) platform that enables people to buy and sell cryptocurrencies. The network is built using Ethereum’s protocol. The whole idea behind Uniswap is a relatively simple one. Customers can choose to use centralized platforms like Binance and Coinbase or select its decentralized marketplace. 

Unlike the centralized options, Uniswap is not limited. It is borderless and relatively cheaper than its peers. Users own the platform and always vote to make changes in the exchange. Still, the biggest challenge for Uniswap is that competition in the DEXes industry is getting stiff. Today, there are hundreds of these platforms that are also growing their market share. 

Uniswap price prediction

The daily chart shows that the Uniswap price has wavered in the past few days. In other words, buyers of the token have not seen any gains even as other cryptocurrencies have jumped. Indeed, the coin is trading at the same level as the 20-day volume-weighted moving average. Other volatility oscillators have been relatively calm too. 

At the same time, the coin has formed a triangle pattern. Therefore, since this triangle is nearing its confluence zone, there is a likelihood that it will soon have a breakout. If it breaks out higher, the next key level to watch will be at $40.