Unifi Protocol value has been in a robust bullish development prior 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 undertaking that’s making a platform for seamless interoperability of Web3 purposes throughout a number of chains.
Unifi’s main product is called uTrade, which is a buying and selling platform that’s identified for quick execution and low charges. uTrade’s fees go to liquidity suppliers, making it superb for individuals trying to launch new tokens. It additionally has staking options which can be already stay on fashionable 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 good contract platform identified for its blazingly quick transaction processing speeds. The options out there in Unifi’s Avalanche platform are single-side liquidity, user-added listings, token routing, and developer-friendly good contracts.
The Unifi value 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.
It is usually 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 value prediction
The 45-minute chart reveals that the UNFI value has gone parabolic prior 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 better look reveals that the coin has shaped what appears to be like like a double-top sample whose chin is at $5.65. In value motion evaluation, this sample is often a bearish signal. It stays barely above the 25-period and 50-period transferring averages.
Subsequently, there’s a chance that the token may have a serious bearish breakout within the coming days as buyers take revenue.