What will June bring with Uniswap V3 on the horizon for the UNI price?
The area of decentralized financing (DeFi) has seen massive growth in recent years. Uniswap is one of the most popular names in the DeFi space, and it performs a whole range of DeFi functions on the Ethereum blockchain.
As one of the leading DeFi platforms and the 10th largest cryptocurrency by market capitalization, Uniswap is a cryptocurrency of interest to thousands of traders and investors. This post looks at Uniswap’s price potential for June 2021.
Uniswap price analysis
Uniswap has done extremely well so far this year. UNI started trading at $ 4.97 per coin in 2021. However, as the cryptocurrency market continued to recover, UNI’s price also recovered. The ramp-up of DeFi also led to a higher price rally for UNI, hitting its all-time high on May 2 at $ 44.69, up nearly 1000% year-to-date.
UNI’s price started falling a few weeks ago when the cryptocurrency market lost over $ 1 trillion in market cap thanks to a massive correction. UNI price plunged to $ 15 per coin late last month but rebounded and is currently trading just above $ 23.
UNI price table. Source: CoinMarketCap
UNI has grown by around 500% in the year to date, making it one of the best performing companies on the market. Uniswap is one of the top ten cryptocurrencies by market capitalization, an indication of how much the coin has grown over the past few months. With the DeFi market still growing, UNI remains one of the best cryptocurrencies out there.
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Uniswap pricing factors for June
Uniswap has already seen some interesting events this month and more are expected to follow. Let’s examine the fundamentals that will underpin UNI’s performance in June.
The introduction of Uniswap V3 has led to it becoming the largest decentralized exchange in the Ethereum network after Uniswap V2. With the growing DeFi market, the Uniswap V3 offers great features like more efficiency and more liquidity. These features could help drive the price of UNI up as it continues to roll out. Uniswap V3 will go live shortly via Optimism on Ethereum’s second tier (L2). This increases scalability and makes Uniswap more accessible due to lower fees. This could introduce a new class of users and drive UNI’s price up further.
Hayden Adams, founder of Uniswap, announced that the platform would be resuming a liquidity mining program shortly. If the liquidity mining program returns, it would be a huge boost for the Uniswap network as it would allow users to earn an extra token in addition to the regularly expected return when they add their tokens to the liquidity pool. This would ensure that the network always had adequate liquidity, and it could help drive UNI’s price up even further in the coming weeks and months.
Interest in Silicon Valley
Perhaps the biggest news for Uniswap this month is that it has won the support of Silicon Valley. According to the Financial Times, Silicon Valley companies are now investing in cryptocurrency projects that could disrupt the financial sector, and Uniswap is high on the list. With more investments being made in the DeFi area through Uniswap, the decentralized exchange protocol is expected to receive a lot more attention in the coming weeks and months. This could help drive the price higher despite current market conditions.
Governance and partnerships grow
Uniswap’s governance proposal also has strong support in the cryptocurrency space. The proposal suggested setting aside tokens for a new DeFi fund for political lobbying. ConsenSys has given its support, and more crypto entities are expected to support the proposal in the next few weeks. The support would show Uniswap’s strong position in the market.
The Exo Economy will soon publish their native token on the Uniswap platform. The Exo platform houses over 7,800 coaches, investors and innovation specialists. It is designed to accelerate the development of companies and streamline their processes.
Uniswap price forecast
Uniswap is arguably an excellent cryptocurrency and this is evident from fundamental analysis, however, technical indicators are currently in decline due to the performance of the broader cryptocurrency market. UNI has struggled to break key psychological drag at $ 35 for the past few weeks and if it doesn’t succeed soon it could hurt its performance for the rest of June.
After hitting an all-time high of $ 44 last month, the UNI / USD pair lost nearly 50% of its value and is currently trading below $ 22 on most exchanges. However, despite the price drop, investors are pushing into the uniswap market due to its position in the crypto space.
UNI / USD chart. Source: Coinalyze
If the UNI / USD pair can hold the support level at $ 21, it could allow the cryptocurrency to break the resistance point at $ 26, giving the bulls an opportunity to move further towards the main psychological point at 36 US dollars move. However, for UNI’s share price to rise that high, it needs the support of the broader market.
If Bitcoin can rebound and the crypto market resumes the bull run, UNI could very likely follow suit. With Uniswap V3 running now and the L2 version just around the corner, Uniswap could rise as the market leader if the Bull Run gets going again. If the technical picture can recover, Uniswap’s strong fundamentals will bring the $ 30 and $ 36 targets into focus.
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Please note that the details given above are solely a personal opinion of the author, which is derived from the relevant market data. None of this is to be understood as direct investment advice.