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Uniswap (UNI) price jumps by 15% in DeFi, cryptocurrency market rebound

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Uniswap (UNI) price jumps by 15% in DeFi, cryptocurrency market rebound

Uniswap (UNI) was among the best performers among the top cryptocurrency tokens by market capitalization in the previous 24 hours, logging better gains than other top cryptocurrencies, namely Bitcoin (BTC), Ether (ETH) and Binance Coin (BNB).

On Wednesday, the UNI/USD exchange rate jumped 13.26% to hit a seven-day high of $25.68. Traders continued to bid higher on the pair entering Wednesday, pushing its value higher to $26.07 at one point, up more than 15% from the previous session’s open of $22.66.

Market-wide recovery behind UNI gains?

The majority of UNI’s gains in the previous 24 hours seems to have surfaced in the wake of a market-wide recovery.

For instance, the said timeframe witnessed Bitcoin, the benchmark cryptocurrency that enjoys heavy influence on the rest of the crypto tokens, climbed above $47,000 following a 4.85% upside move on Tuesday. Meanwhile, Ethereum saw its native asset, ETH, rallying toward $3,500 in a 4.57% price jump.

Elsewhere in the crypto market, BNB, XRP, Dogecoin (DOGE), Terra (LUNA) and Chainlink’s LINK also rose. In contrast, smart contracts platform Solana’s native asset, SOL, fell 6.47% following a denial-of-service disruption on its network.

At the same time, Cardano (ADA), one of Solana’s top rivals, dropped by more than 1%.

The performance of the top 15 cryptocurrencies in the past 24 hours. Source: TradingView

At first, the gains among the top tokens, including Uniswap, looked to have been helped by capital rotations out of SOL and ADA markets.

In detail, Solana’s market cap surged by more than 400% quarter-to-date following its foray into the booming nonfungible token (NFT) sector, providing traders a decent opportunity to lock interim profits. Additionally, the network outage accelerated the profit-taking scenario.

Solana mainnet-beta is experiencing intermittent instability. This began approximately 45 minutes ago, and engineers are investigating the issue.

— Solana Status (@SolanaStatus) September 14, 2021

On the other hand, Cardano attracted speculation because of its Alonzo upgrade, which made it a smart contracts platform for the first time since its launch. In addition, ADA’s 2,500% year-to-date performance gave traders adequate opportunities to “sell the news” and secure gains.

UNI holders are masters of 9.15 million MIR tokens

Uniswap’s superior performance in the previous 24 hours also took cues from speculation that holding UNI could grant them access to airdrop tokens.

In a recent note, Brendan Murray, content marketing manager at Boston-based blockchain analysis firm Flipside Crypto, cited Twitter user Jr3225’s research. The study cited many UNI holders failed to realize that they could claim 9.15 million of the synthetic asset platform Mirror Protocol’s MIR tokens via a December 2020 airdrop.

In comparison, LUNA stakers could claim more free MIR tokens than UNI ones — MIR/USD has surged 200% this year.

Total MIR claimed on the y-axis, airdrop-type on the x-axis. Source: Twitter user Jr3225

The report, published Tuesday, coincided with the UNI price pump.

Uniswap technical outlook 

Uniswap’s latest rally had it test a support confluence made up of falling trendline resistance and the 38.2% Fib line (~$26.093) of a Fibonacci retracement graph (drawn from a $42.89 swing high to $15.70 swing low).

UNI/USD daily price chart. Source: TradingView

Sellers took control near the confluence, prompting UNI/USD to correct by 4.59% to an intraday low of $24.50. Its next support target is — again — a confluence of 23.6% Fib line ($22.12) and the ascending trendline that overall constitutes a rising channel.

Related: Institutional investors dominated the DeFi scene in Q2: Chainalysis report

An interim bullish outlook entails UNI/USD breaking above $26.09 and stepping toward the next Fib levels ($29.30, $32.51, and so on) unless the pair reaches the rising channel’s upper trendline near $42.89.

Meanwhile, a bearish setup could see UNI/USD break below the $22.12 Fib line and the channel support to target $15.70.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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BTC, ETH, XRP, ZEN, SNX, WAVES, AVA – Technical Analysis Sept 16

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BTC, ETH, XRP, ZEN, SNX, WAVES, AVA – Technical Analysis Sept 16

Bitcoin (BTC) and Ethereum (ETH) have broken out from descending parallel channels.

XRP (XRP) is trading above the $1.05 horizontal support area.

Horizen (ZEN) is trying to break out above the $108 resistance area.

Synthetix (SNX) has broken out from an ascending triangle.

Waves (WAVES) has moved above the $26.80 resistance area.

Travala.com (AVA) has broken out from a descending resistance line.

BTC

BTC has been moving upwards since Sept 14. On Sept 15, it managed to break out from a descending parallel channel and accelerated. 

The upward move is supported by both the RSI and MACD, which are increasing. The former has even crossed above 50. 

BTC is approaching the 0.618 Fib retracement resistance level at $49,050. However, due to a confluence of Fib levels, it’s possible that it could increase all the way to $50,750.

ETH

On Sept 15, ETH broke out from a descending parallel channel that had been in place since Sept 7. It has been increasing at an accelerated rate since. 

The upward move is supported by both the increasing MACD and RSI readings. 

However, ETH has reached a confluence of Fib resistance levels between $3,625 and $3,635. These levels are the 1:1.61 length of waves A:C and the 0.618 Fib retracement resistance level (white).

XRP

On Aug 13, XRP broke out from the $1.05 horizontal resistance area. It proceeded to reach a high of $1.41 on Sept 6 before dropping sharply the next day. 

Following this, it validated the $1.05 area as support. 

However, even though XRP is trading above the $1.05 support area, indicators are bearish. The MACD and RSI are both decreasing.

ZEN

ZEN has been increasing above an ascending support line since July 16. On Sept 6, it was rejected by the $108 horizontal resistance area and returned to validate the support line once again. 

However, ZEN rebounded and made another breakout attempt on Sept 15. 

Despite the strong bounce, ZEN failed to break out. In addition, both the RSI and MACD have created bearish divergences. 

Therefore, at the current time, we cannot determine if ZEN will be able to move above this resistance.

SNX

SNX began trading inside an ascending triangle on May 21. After several unsuccessful attempts, it managed to break out on Sept 15. 

The breakout is supported by the increasing MACD and RSI values. 

The closest resistance area is found at $23.80.

WAVES

WAVES has been increasing above an ascending support line since July 20. 

On Aug 31, it broke out above the $26.80 resistance area. 

After this, it returned to validate the area as support, also touching the ascending support and Supertrend lines (green icon). It has been moving upwards since. 

The closest resistance area is at the all-time high level near $38. 

AVA

On Aug 14, AVA broke out from a descending resistance line that had been in place since April and reached a high of $5.40 on Sept 6. 

However, it was rejected by the $5.40 resistance area and fell. 

It then found support at $3.50, creating two lower wicks. In addition to this, the RSI has generated a hidden bullish divergence, which is a common sign of trend continuation.

Therefore, AVA could be on its way to revisit the $5.40 resistance area.

For BeInCrypto’s latest Bitcoin (BTC) analysis, click here.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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AMC to Support Ethereum, Litecoin, and Bitcoin Cash Following BTC Adoption

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AMC to Support Ethereum, Litecoin, and Bitcoin Cash Following BTC Adoption

AMC Theatres will accept payments in Ethereum, Litecoin, and Bitcoin Cash by the end of 2021, in addition to bitcoin.

AMC Theatres, the world’s largest theater chain, has announced that it will accept more cryptocurrencies for payment by the end of 2021. The cryptocurrencies that it will support include bitcoin, ethereum, litecoin, and bitcoin cash. This marks yet another notable adoption for the cryptocurrency market, which has had a stellar 2021.

AMC expands crypto payment options

The company’s CEO, Adam Aron, tweeted the news on Sept 16, saying that crypto could be used to pay for online ticket and concession payments by the year’s end. AMC revealed that it would accept bitcoin in August 2021, to much fanfare.

This year has already seen Tesla accept bitcoin as payments for its electric vehicles, though it suspended that later. PayPal has also expanded into cryptocurrencies and is ramping up its support for the market.

The news of AMC Theatres accepting cryptocurrency payments will please investors, as the chain is a notable brand with some clout. The firm has also come to the attention of the public lately for its support from within Reddit’s wallstreetbets community. While the support was not quite as strong as it was for GameStop, those retail investors have helped drive the price of AMC’s stock up.

In short, the acceptance of crypto payments should stir further interest from a community that is already knowledgeable about crypto. Incidentally, GameStop also announced a foray into the blockchain and crypto space when it announced that it was working on a series of NFTs.

Bitcoin and crypto steadily seeing greater adoption

The crypto world has been subject to a lot of good news in terms of adoption this year. The support coming for crypto payments has been varied, with entities in a highly varied set of industries taking the step. The signs have been very optimistic at the retail level.

The travel industry can benefit a great deal from bitcoin payments — and a luxury hotel in Switzerland has gone to facilitate that. Switzerland, which is known for its hub of crypto companies and entrepreneurs, has over 85,000 merchants supporting crypto payments.

Other established companies supporting crypto payments include auction house Lloyd’s. Auction houses have been very interested in blockchain technology, particularly NFTs. Many of them have conducted auctions for NFTs, selling them for many millions.

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El Salvador’s Chivo Bitcoin Wallet Crosses 500,000 Users

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El Salvador’s Chivo Bitcoin Wallet Crosses 500,000 Users

El Salvador’s Chivo bitcoin wallet has already crossed 500,000 users, as revealed by local news reports.

El Salvador’s digital bitcoin wallet Chivo has already hit half a million users, according to reports from local media. The country introduced the wallet on Sept 7.

Users receive $30 in bitcoin when they download the wallet for the first time as an incentive. As of Sept 7, the country had purchased 400 bitcoins for its coffers — which by all accounts is ambivalent in terms of its success.

El Salvador’s bitcoin integration is off to a somewhat rocky start, as there have been several protests against its adoption. Protests have come from both opposition forces and citizens — with the latter marching in the streets and even filing a lawsuit.

The country has used a number of measures to incentivize people to use bitcoin. Foreigners, for example, are exempt from paying capital gains tax on their bitcoin profits. In addition, they receive permanent residency if they decide to move and have an entrepreneurial venture.

https://s32659.pcdn.co/wp-content/uploads/2021/09/El-Salvador.mp4
Source: /u/kiarga

Some El Salvadorians have taken to Reddit to talk about the general sentiment surrounding bitcoin. The country celebrated its Independence Day on Sep. 15, and many protested against the current government in the streets. News broke that vandals destroyed bitcoin ATMs in the country, which is further evidence of displeasure with the new law.

One Redditor spoke about bitcoin further cementing existing inequalities — a concern that was one of the major issues citizens have with the government. They also note that the bitcoins in the Chivo wallet could be seized by the government.

One thing that cannot be denied is the fact that BTC payments do indeed reduce costs for cross-border payments. Other countries in the region are keeping a close eye on the development, which is the first of its kind.

Will more countries follow?

It’s unlikely that a large swathe of countries will follow El Salvador’s lead. Most governments are determined to release their own central bank digital currency (CBDC). Those that have accepted cryptocurrencies as an asset class have done so begrudgingly and are laboring to form a regulatory framework.

The idea of making bitcoin legal tender has been rebutted by China, India, and Russia. With important economies dismissing the asset as having such an important role in the economy, most other countries will likely take the same position.

Having said that, the El Salvador bitcoin experiment could turn up some surprising results. If bitcoin does indeed become the medium for cross-border transactions, then this could encourage more countries to do the same.

Disclaimer

All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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