Analytics

Is UNI A Good Investment After The Genie Acquisition?

The nonfungible token (NFT) market aggregator Genie has been acquired by the decentralized exchange (DEX) Uniswap, according to a Tuesday announcement. According to Uniswap, this action is a component of its objective to enable universal ownership and exchange on its platform.

Uniswap is currently incorporating NFTs into its product range. Later integrations are rumored to include developer APIs and widgets. Uniswap has already dealt with NFTs, so this is nothing new. In the spring of 2019, it introduced Unisocks, a platform that provided NFT liquidity pools backed by physical assets. The price of the Uniswap coin has been oscillating throughout the last few days, and it has been in a bullish state during that time period. Meanwhile, the UNI token recovered around 35% in the last 4 days. Let’s take a look at the UNI price

UNI Price Prediction

The UNI token has surpassed the 20-day exponential moving average in the context of the daily price chart. On the other hand, the bulls are barely keeping the UNI price above the $5.69 resistance level. If bulls are unable to overcome the $5.69 resistance level, the price will drop to the $4.15 support level.

Uniswap announced that it would airdrop USD Coin (USDC) to former Genie users as a way to share the rewards of this acquisition and integration of the Genie marketplace. But only if UNI closes over the $8.1 resistance level will we be bullish in the medium term.

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Images courtesy of TradingView.

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