Unifi Protocol worth has been in a powerful bullish pattern up to now few days. The coin jumped to a excessive of $7.18, which was the best stage since June 14th this yr. It has risen by greater than 52% from its lowest stage this month. Its whole market cap has jumped to greater than $36 million, making it the 473rd largest cryptocurrency on the planet.
What’s Unifi Protocol?
Unifi is a small and fast-growing blockchain mission that’s making a platform for seamless interoperability of Web3 functions throughout a number of chains.
Unifi’s major product is called uTrade, which is a buying and selling platform that’s identified for quick execution and low charges. uTrade’s charges go to liquidity suppliers, making it very best for individuals seeking to launch new tokens. It additionally has staking options which are already reside on in style blockchains like Concord, IoTeX, Ethereum, and BNB Chain.
Unifi builders are additionally engaged on lending, NFTs, and cross-chain bridging options to its community. Most just lately, they launched the platform to Avalanche, the sensible contract platform identified for its blazingly quick transaction processing speeds. The options accessible in Unifi’s Avalanche platform are single-side liquidity, user-added listings, token routing, and developer-friendly sensible contracts.
The Unifi worth is rising after the builders introduced that they won’t be launching V2 on Concord. This announcement got here a couple of days after Concord introduced {that a} main hack had occurred in its platform. Aave will nonetheless be the custodian to generate yield from the reserve fund.
Additionally it is rising after Binance made it potential to purchase UNFI token in its platform utilizing a debit card. That is notable since Binance continues to be the largest firm within the crypto trade.
Unifi Protocol worth prediction
The 45-minute chart exhibits that the UNFI worth has gone parabolic up to now few hours. This rally noticed the coin rush to a excessive of $7.20, which was the best stage in days. It has now pulled again and is buying and selling at $6.22.
A more in-depth look exhibits that the coin has shaped what appears like a double-top sample whose chin is at $5.65. In worth motion evaluation, this sample is normally a bearish signal. It stays barely above the 25-period and 50-period shifting averages.
Subsequently, there’s a risk that the token may have a significant bearish breakout within the coming days as traders take revenue.
