Uniswap (UNI) has declined by nearly 3% in the past week – suggesting a bearish outlook for the cryptocurrency. UNI coin went as low as $15 amidst the market crash but has recovered since although the cryptocurrency has not begun an uptrend yet. At the time of writing, Uniswap (UNI) stands at a price level of $27.16. The price has been declining in the past twenty-four hours while the daily trading volume has been increasing.
Uniswap (UNI) Technical Analysis
The market sentiment for Uniswap is bearish as the cryptocurrency is declining. Out of the total technical indicators, eleven are giving out a signal of sell, eight are standing at a neutral position while seven are indicating a buy signal. Both the oscillators and moving averages are bearish.
Uniswap (UNI) had been identified to have formed a cup and handle formation. The bullish formation had yet to be confirmed by the price movements; however, Uniswap failed to confirm the formation as the price did not break above the neckline. Uniswap can also be seen to have been rejected a few times at the price level of $28 – making it a major resistance level. The cryptocurrency is also being supported by the price level of $24. Currently on a downtrend, Uniswap can be expected to test the support level.
Uniswap’s controversial proposal
Harvard Law School Blockchain and FinTech Initiative has made a governance proposal to set aside funds for political lobbying in favor of DeFi as the threat of regulation looms. The proposal would finance political groups that are working against DeFi regulation. The proposal had been controversial as many stakeholders think it unfair for a few lawyers and a single organization to manage lobbying funds. However, the proposal had been gaining popularity as well. ConsenSys – the Ethereum solution provider – has also expressed its support for the proposal and after securing a majority of favorable votes, the proposal is set to move forward to a full vote stage.