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Unifi Protocol price has been in a sturdy bullish development previously few days. The coin jumped to a excessive of $7.18, which was the best stage since June 14th this 12 months. It has risen by greater than 52% from its lowest stage this month. Its complete market cap has jumped to greater than $36 million, making it the 473rd largest cryptocurrency on the earth.
What is Unifi Protocol?
Unifi is a small and fast-growing blockchain mission that’s creating a platform for seamless interoperability of Web3 purposes throughout a number of chains.
Unifi’s major product is called uTrade, which is a buying and selling platform that’s recognized for quick execution and low charges. uTrade’s fees go to liquidity suppliers, making it superb for individuals seeking to launch new tokens. It additionally has staking options which can be already dwell on well-liked blockchains like Harmony, IoTeX, Ethereum, and BNB Chain.
Unifi builders are additionally engaged on lending, NFTs, and cross-chain bridging options to its community. Most lately, they launched the platform to Avalanche, the sensible contract platform recognized 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 sensible contracts.
The Unifi price is rising after the builders introduced that they won’t be launching V2 on Harmony. This announcement got here a few days after Harmony introduced that a main hack had occurred in its platform. Aave will nonetheless be the custodian to generate yield from the reserve fund.
It can also be rising after Binance made it doable to purchase UNFI token in its platform utilizing a debit card. This is notable since Binance continues to be the most important firm within the crypto business.
Unifi Protocol price prediction
The 45-minute chart reveals that the UNFI price has gone parabolic previously 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 fashioned what seems to be like a double-top sample whose chin is at $5.65. In price motion evaluation, this sample is often a bearish signal. It stays barely above the 25-period and 50-period shifting averages.
Therefore, there’s a risk that the token can have a main bearish breakout within the coming days as traders take revenue.
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