Uniswap’s Multi-Chain Move: Can The UNI Price Shoot Up?

• By launching a cross-chain bridge, Uniswap improves interoperability among nine networks.
• Analysts predict a 200% surge to $20 as the price of UNI forms a bullish symmetrical triangle.
• Demand for UNI rises due to South Korea’s Upbit listing increasing liquidity.

Uniswap is a decentralized exchange (DEX). The exchange has launched a chain bridge program. Under this program, users can transfer assets across nine blockchain networks. This is consistent with Uniswap’s overarching strategy to improve transactions by further integrating cross-chain functionality.

The Across Protocol optimized the bridge. This bridge program aims to make Decentralized Finance (DeFi) trading easier by improving transfer speed and security. Following this event, market analysts are curious to see if the UNI price is ready for the explosion.

Uniswap Expands Layer-2 Capabilities With Access Control Integration

The aforementioned permissionless chain bridge was launched shortly after Uniswap’s recent release of its Unichain testnet. That is a layer-2 scaling solution. The exchange aims to solve the issue of integrating the different protocols, particularly if the user interface malfunctions.

Thanks to Across Protocol, users can quickly connect to the best Ethereum layer-2 solutions, like Base and Optimism.

According to Uniswap, Across Protocol will increase the bridge’s functionality and ensure secure and effective transactions. “Across Protocol operates through decentralized liquidity pools and relayers, and the bridging can be completed in seconds,” claims Uniswap.

The introduction of this product is consistent with Uniswap’s belief in a multi-cloud future for blockchain technology.

With plans for future improvements, the permissionless bridge is presently accessible for native assets and stablecoins. Given that this feature will eventually be linked to the Unichain L2, it may increase interest in UNI crypto.

Could UNI Price Gain 150% This Year?

UNI price was trading at $7.88 at press time and has declined by 1.82% over the past 24 hours. The market capitalization was $4.72 Billion, and the 24-hour trading volume was $160.78 million.

Buyers have taken over the charge after the bearish trend and have lifted the price by 70% since August. The UNI crypto price has been rising through an ascending channel. It has surpassed the 200-day EMA.

Buyers might be confident if the Uniswap price manages to defend the 200-day EMA. Once the UNI price reaches the $12 mark with strong volume, it may unlock the path to the $20 mark. Increased volume might attract investors for a smooth, bullish move.

Alternatively, if the crypto asset price fails to sustain the 200-day EMA, it could generate a bearish signal. At this point, most investors and traders might prefer to book profit, which could trigger a bearish momentum.

The profit booking may drag the price to a significant support level of $5.50. Sellers may be eyeing a multi-year low once the price starts trading below this level.

According to the technical indicators, the RSI has displayed a bullish crossover with the RSI-based moving average. The MACD and Signal lines wandered over the Zero line, and the histograms flipped to green. Most of the major technical indicators are in favor of bullish forecasts.

Disclaimer

In this article, the views, and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.