Unifi Protocol price has gone parabolic. Is UNFI a good buy?

    Unifi Protocol price has been in a sturdy bullish pattern up to now few days. The coin jumped to a excessive of $7.18, which was the best degree since June 14th this yr. It has risen by greater than 52% from its lowest degree this month. Its complete market cap has jumped to greater than $36 million, making it the 473rd greatest cryptocurrency on the planet.

    What is Unifi Protocol?

    Unifi is a small and fast-growing blockchain venture that’s creating a platform for seamless interoperability of Web3 functions throughout a number of chains.

    Unifi’s major product is named 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 perfect for folks trying to launch new tokens. It additionally has staking options which might be already dwell on fashionable 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 good contract platform identified for its blazingly quick transaction processing speeds. The options obtainable in Unifi’s Avalanche platform are single-side liquidity, user-added listings, token routing, and developer-friendly good 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 be rising after Binance made it potential 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 exhibits that the UNFI price has gone parabolic up to now few hours. This rally noticed the coin rush to a excessive of $7.20, which was the best degree in days. It has now pulled again and is buying and selling at $6.22. 

    A better look exhibits that the coin has shaped what appears like a double-top sample whose chin is at $5.65. In price motion evaluation, this sample is normally a bearish signal. It stays barely above the 25-period and 50-period transferring averages.

    Therefore, there may be a risk that the token may have a main bearish breakout within the coming days as traders take revenue.

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