cryptoknowmics.com
News affecting technical analysis of UNI, the Uniswap has licensed the third iteration of its code bank in an apparent move to ward off would-be copycats. The white paper for v3 of the decentralized exchange (DEX) was released March 23, 2021. In a possible nod to rival project SushiSwap – which copied Hayden Adams’ creation bit by bit – the Brooklyn, N.Y.-based team’s blog post included one section detailing a “business source license” that acts as a time delay for commercial use of the code “for up to two years.”
After that point, the code will remain in an open-source GPL license “into perpetuity” for any project to build on or take from.
https://www.tradingview.com/x/4AeoXjkv
Past Performance
UNI was trading at $28.46; the price of this alt has been up 9% in the past 24 hours. UNI is still 21.81% away from its ATH of $36.41. Through intensive trading, the market capitalization is up 8.57%. Despite increasing market capitalization, the trade volume has dropped over 40%.
Based on the above price chart, the price has moved and swayed over the past week like a rollercoaster. In the past week, UNI’s official V3 announcement led to an anticipation of price gain; however, the price dropped after hitting a high of $35.8.
The on-chain sentiment was bullish since the V3 announcement, and the concentration by large HODLers is 91%. 75% of these HODLers bought the asset in the past 12 months, and 25% bought the asset in the past 1 month. Not just institutions, but retail traders have been buying and accumulating. The rollercoaster price action has created several support zones that rely on the exchange supply.
UNI Technical Analysis
In technical analysis, the price expectations of traders are nearly at the same level as they were, following the releases in early 2021. The anticipation of price hike near the launches is lost in the dropping volume and demand following weeks of delay.
In UNI, the speculation and the anticipation matched the hike in trade volume and price as traders lined up on Binance, Huobi Global, and OKEx’s USDT markets, the top 3 contributors to UNI’s trade volume.