Uniswap (UNI) Enjoys Uptick in Interest From Institutional Investors – FX Leaders
Uniswap (UNI) is experiencing some choppy price action under the $27 level on Wednesday, registering small gains in the past 24 hours in line with the slightly optimistic mood in the crypto market as leaders Bitcoin and Ethereum climb higher. At the time of writing, UNI/USD is trading at around $26.58, up by over 4% since Tuesday.
One of the most popular DeFi protocols, Uniswap has managed to register a steady uptick in its TVL over the past month, touching almost $3.8 billion till date. However, it has been facing stiff competition from other competitors, especially the cross-chain protocols operating on multiple blockchains and targeting a larger user base.
Is Uniswap Going Mainstream?
Despite this, Uniswap is enjoying considerable attention from institutional investors who believe in its potential. Leading issuer of digital exchange ETPs, Valour Inc, recently announced the world’s first and only Uniswap ETP. This product, listed on the Börse Frankfurt Zertifikate AG, will enable institutional investors to pour in their funds into the DeFi protocol and make the most of the rapid growth in the DeFi market.
The growing interest in Uniswap among crypto traders has also resulted in BISON, Boerse Stuttgart Group’s crypto app, listing the UNI token on its platform and making it available for trading to its users. With over 50,000 active users, this step is likely to drive up investor interest in Uniswap further and lend some support to its price in the short term.
Another exciting development that can support UNI is Commonwealth Bank – Australia’s largest bank, getting ready to offer buying and selling of cryptocurrencies on its mobile app, a feature that it will roll out to its 11 million customers. The pilot initiative is set to roll out to around 2,000 users in the coming weeks while the full rollout will happen sometime in 2022. Uniswap is one among the 10 cryptocurrencies initially being offered on the Commbank app, letting customers buy and sell the crypto.
UNI/USD Technical Analysis
On the 4-hour price chart of UNI/USD, moving averages and the MACD are exhibiting a bullish bias. However, other leading technical indicators momentum and Stochastics RSI are flashing sell.
Uniswap’s price is holding above the pivot point at $25.63 but there seems to be some indecision among investors preventing the uptrend from building up. In case more buyers jump in or the market sentiment receives a boost, we could see UNI rise higher to test resistance at $27.67, a break past which it can overcome the key $30 mark.