Category: Uniswap

Top 3 Coins to Watch Today: EOS, ENJ, UNI – August 19 Trading Analysis

Post author By Malik Junaid
Post date August 19, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Eos (EOS)

EOS is a platform designed to allow developers to build decentralised apps. The project’s goal is relatively simple: to make it as straightforward as possible for programmers to embrace blockchain technology and ensure the network is easier to use than rivals. As a result, tools and a range of educational resources are provided to support developers who want to build functional apps quickly. EOS also aims to improve the experience for users and businesses. While the project tries to deliver greater security and less friction for consumers, it also vies to unlock flexibility and compliance for enterprises.

EOS Price Analysis

At the time of writing, EOS is ranked the 40^th cryptocurrency globally and the current price is US$1.45. Let’s take a look at the chart below for price analysis:

Source: TradingView

EOS has plummeted nearly 75% from its April 2022 highs and almost 90% from its May 2021 all-time high.

The closest resistance overlaps with the 8 EMA near $1.60, where the daily chart shows inefficient trading. This level rejected the price’s first retest on May 13.

Slightly higher, $1.78 offers the next noteworthy resistance. This area was inefficiently traded and overlaps with the last significant swing low in mid-March.

Last week, the price bounced from support near $1.30, which could provide support again. This level shows inefficient trading on the monthly chart and is near the midpoint of September 2017’s accumulation.

If this support breaks, bulls could find support near $1.24. This level is at the bottom of an inefficiently traded area on the monthly and weekly charts. It’s also the high point of October 2017’s accumulation range. However, eager bidders should be cautious as a move this low may be targeting bulls’ stops under the swing low at $1.12.

2. Enjin Coin (ENJ)

Enjin Coin ENJ is a project of Enjin, a company that provides an ecosystem of interconnected, blockchain-based gaming products. Enjin’s flagship offering is the Enjin Network, a social gaming platform through which users can create websites and clans, chat, and host virtual item stores. Enjin Coin is a digital store of value used to back the value of blockchain assets such as non-fungible tokens (NFTs).

ENJ Price Analysis

At the time of writing, ENJ is ranked the 75^th cryptocurrency globally and the current price is US$0.6509. Let’s take a look at the chart below for price analysis:

Source: TradingView

ENJ spent Q2 ranging between 31% over and 23% below. The price is currently consolidating between adjacent resistance and support at $0.6045 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $0.7295.

This move would likely target the swing high at $0.7612 and relatively equal highs near $0.8349. A sustained bullish trend could reach up to the monthly high near $0.9032.

Bulls may see a sweep of the relatively equal lows near $0.5532 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $0.4835 and $0.4150.

3. Uniswap (UNI)

Uniswap UNI is a popular decentralised trading protocol known for its role in facilitating the automated trading of decentralised finance (DeFi) tokens. Uniswap aims to keep token trading automated and completely open to anyone who holds tokens while improving the efficiency of trading versus that on traditional exchanges. Uniswap creates more efficiency by solving liquidity issues with automated solutions, avoiding the problems that plagued the first decentralised exchanges.

UNI Price Analysis

At the time of writing, UNI is ranked the 17^th cryptocurrency globally and the current price is US$7.91. Let’s take a look at the chart below for price analysis:

Source: TradingView

UNI‘s 70% retracement from its Q2 highs set a low near $4.20 during its consolidation that began in early June.

Relatively equal highs near $8.00 could be the current target if the price breaks through resistance beginning near $8.67. Bullish continuation may reach through the next significant swing high near $9.35 into the daily gap near $10.50.

If bullish strength continues, the zones just below the monthly open near $10.88 and $11.35 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near $6.90 into possible support near $6.12. If this down move occurs, the swing low near $5.20 and possible support near $4.80 may be the primary objective.

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Where to Buy or Trade Altcoins?

These coins have high liquidity on Binance Exchange, so that could help with trading on AUD/USDT/BTC pairs. And if you’re looking at buying and HODLing cryptos, then Swyftx Exchange is an easy-to-use popular choice in Australia.

Crypto News Dogecoin Enjin Coin Market Analysis Trading Uniswap

Top 3 Coins to Watch Today: UNI, DOGE, ENJ – July 27 Trading Analysis

Post author By Malik Junaid
Post date July 27, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Uniswap (UNI)

UNI Price Analysis

At the time of writing, UNI is ranked the 19^th cryptocurrency globally and the current price is US$6.41. Let’s take a look at the chart below for price analysis:

Source: TradingView

UNI‘s 70% retracement from its Q2 highs set a low near $3.80 during its consolidation that began in early June.

Relatively equal highs near $6.80 could be the current target if the price breaks through resistance beginning near $6.97. Bullish continuation might reach through the next significant swing high near $7.20 into the daily gap near $7.50.

If bullish strength continues, the zones just below the monthly open near $7.88 and $8.23 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near $5.90 into possible support near $5.62. If this down move occurs, the swing low near $5.32 and possible support near $4.93 may be the primary objective.

2. Dogecoin (DOGE)

Dogecoin DOGE is based on the popular “Doge” internet meme and features a Shiba Inu as its logo. The open-source digital currency was created by Billy Markus from Portland, Oregon, and Jackson Palmer from Sydney, Australia, and was forked from Litecoin in December 2013. Dogecoin’s creators envisaged it as a fun, light-hearted cryptocurrency that would have greater appeal beyond the core Bitcoin audience since it was based on a dog meme.

DOGE Price Analysis

At the time of writing, DOGE is ranked the 10^th cryptocurrency globally and the current price is US$0.06089. Let’s take a look at the chart below for price analysis:

Source: TradingView

DOGE marines continue holding the price, printing nearly 29% gains during June.

The consolidation near $0.06015 is likely to provide support as the price continues exploring new highs. However, a set of relatively equal lows near $0.05829 provides a tempting target for a stop run into probable support near $0.05460.

A decidedly bearish shift in the market could reach probable support near $0.05098, near the monthly open.

Almost no resistance lies overhead, although low-timeframe traders can use the resistance below recent highs near $0.06384 as a first target. Beyond this level, extensions near $0.06723, $0.07354 and $0.08169 give reasonable higher-timeframe targets.

3. Enjin Coin (ENJ)

ENJ Price Analysis

At the time of writing, ENJ is ranked the 70^th cryptocurrency globally and the current price is US$0.5357. Let’s take a look at the chart below for price analysis:

Source: TradingView

ENJ spent Q2 ranging between 30% over and 20% below. The price is currently consolidating between adjacent resistance and support at $0.5145 with no clear higher-timeframe trend. A strong move over the monthly open could signal a run to resistance beginning near $0.6395.

This move would likely target the swing high at $0.6512 and relatively equal highs near $0.7049. A sustained bullish trend could reach up to the monthly high near $0.7432.

Bulls may see a sweep of the relatively equal lows near $0.4832 as a chance to buy at a discount. If this level fails to hold, the next significant area for the price to find buyers is likely near the consolidation around $0.4435 and $0.4050.

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Ethereum Hackers Uniswap

Uniswap Users Lose $8 Million in ETH in Phishing Attack

Post author By Jana Serfontein
Post date July 14, 2022

A phishing scam offering a fraudulent airdrop has this week managed to rob Uniswap users of almost US$8 million in ETH. The scam, instigated on July 11, was promising a free airdrop of 400 UNI tokens (worth about US$2,200):

1/ Yesterday, some Uniswap LPs unfortunately fell for a phishing scam, a problem far too common in crypto today. To be clear: there was no exploit. The Protocol always was — and remains — secure. Here’s what happened.👇
— Uniswap Labs 🦄 (@Uniswap) July 12, 2022

The scam involved asking users to connect their crypto wallets and make the transaction to claim the fraudulent airdrop. On connection, the hacker nabbed users’ funds via a malicious smart contract.

According to data from Etherscan, more than 74,000 wallets have interacted with the phishing scam’s smart contract. A notable aspect of the attack was that the code was not verified for the smart contract deployed on Etherscan, which is something most legitimate projects do.

How the Attack Unfolded

After deployment of the smart contract, in order to collect the airdropped tokens, the hacker tricked users into signing a transaction. The transaction instead served as an approval transaction, which granted the hacker access to all the Uniswap Liquidity Pool (LP) tokens held by the user.

Uniswap creator Hayden Adams took to Twitter to reassure the community that the hack was indeed a phishing attack and was totally separate from the protocol:

This was a phishing attack that resulted in some LP NFTs being taken from individuals who approved malicious transactions

Totally separate from the protocol

A good reminder to protect yourself from phishing and not click on malicious links https://t.co/aj3Zh8UKqF
— hayden.eth 🦄 (@haydenzadams) July 11, 2022

Bad Timing for Uniswap

News of the attack does not come at the best time for Uniswap. The decentralised exchanged (DEX) only recently announced the acquisition of the NFT marketplace aggregator Genie and plans to integrate NFTs into its products, starting with the Uniswap web application.

While the platform is making strides in terms of expanding its reach within the Web3 space, the DEX was hit by a class-action lawsuit in April for promoting “scam coins”. The plaintiff in the case claims to have purchased around US$10,000 worth of “fraudulent” ERC-20 tokens via Uniswap between May and June of 2021.

Crypto Exchange DeFi NFTs Uniswap

Uniswap Users Will Soon Be Able to Buy NFTs Directly on its Web App

Post author By Jody McDonald
Post date June 23, 2022

Uniswap Labs announced on June 21 that it had acquired the NFT marketplace aggregator Genie, and plans to integrate NFTs into its products starting with the Uniswap web app:

1/ The Uniswap Universe is expanding 🦄

In pursuit of our mission to unlock universal ownership and exchange, we’re excited to share that we’ve acquired @geniexyz — the first NFT marketplace aggregator — expanding our products to include both ERC-20s and NFTs 🧞‍♂️ pic.twitter.com/vESlbE3kvy
— Uniswap Labs 🦄 (@Uniswap) June 21, 2022

The integration of NFTs into the popular decentralised exchange means users will soon be able to buy and sell the assets across most major marketplaces using Uniswap.

Uniswap Labs also plans to incorporate NFTs into its other products, including its developer APIs and widgets, which it says will make Uniswap “a comprehensive platform for users and builders in Web3”.

Airdrop for Genie Users

As part of its acquisition of Genie, Uniswap Labs will be launching an airdrop of USD Coin (USDC) to historical Genie users. In a tweet, the company said the airdrop would be open to any Genie users who had used the platform more than once before the snapshot was taken on April 15, along with any user who holds a GENIE:GEM NFT.

4/ One more thing…

To welcome the Genie community to the Uniswap universe, we’ll be airdropping USDC later this summer to anyone who used Genie more than once before April 15 or holds a GENIE:GEM NFT 🧞‍♂️🦄
— Uniswap Labs 🦄 (@Uniswap) June 21, 2022

The airdrop is planned to launch in August and will be claimable by eligible users for 12 months.

Not Uniswap’s First Foray into NFTs

This is not the first time Uniswap Labs has dabbled in NFTs. In 2019, the company launched Unisocks, a platform where users could purchase a $SOCKS token that could then be redeemed for one real pair of limited edition socks. Uniswap Labs also helped to pioneer on-chain generative SVG images with the development of its Uniswap V3 NFT positions technology.

In its statement about the Genie acquisition, Uniswap Labs expressed its belief that NFTs are simply another way of generating value in the Web3 economy and are not separate from the ERC-20 tokens Uniswap has previously focused on:

We see NFTs as another format for value in the growing digital economy – not a separate ecosystem from ERC20s – and they’re already an important gateway to Web3.
Uniswap blog

Highs and Lows

Launching in late 2018, Uniswap was one of the first – and is currently one of the largest – decentralised exchanges on the Ethereum blockchain. In February 2021, the volume of Wrapped Bitcoin (wBTC) trading on the platform hit an all-time high following Tesla’s purchase of large amounts of Bitcoin.

More recently, in April this year a class-action lawsuit was launched against Uniswap alleging the decentralised exchange had been involved in the sale of unauthorised securities.

Tags Genie

Crypto News Market Analysis Tezos Trading Uniswap VeChain

Top 3 Coins to Watch Today: UNI, XTZ, VET – June 20 Trading Analysis

Post author By Malik Junaid
Post date June 20, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Uniswap (UNI)

UNI Price Analysis

At the time of writing, UNI is ranked the 21^st cryptocurrency globally and the current price is US$4.00. Let’s take a look at the chart below for price analysis:

Source: TradingView

UNI‘s 70% retracement from its April highs set a low near $3.65 during its consolidation that began in early May.

Relatively equal highs near $4.46 could be the current target if the price breaks through resistance beginning near $4.97. Bullish continuation might reach through the next significant swing high near $5.26 into the daily gap near $5.47.

If bullish strength continues, the zones just below the monthly open near $5.88 and $6.11 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near $3.90 into possible support near $3.62. If this down move occurs, the swing low near $3.43 and possible support near $3.12 may be the primary objective.

2. Tezos (XTZ)

Tezos XTZ is a blockchain network that’s based on smart contracts in a way that’s not too dissimilar to Ethereum. However, there’s a big difference: Tezos aims to offer infrastructure that is more advanced – meaning it can evolve and improve over time without any danger of a hard fork. This is something both Bitcoin and Ethereum have suffered since they were created. People who hold XTZ can vote on proposals for protocol upgrades that have been put forward by Tezos developers.

XTZ Price Analysis

At the time of writing, XTZ is ranked the 38^th cryptocurrency globally and the current price is US$1.32. Let’s take a look at the chart below for price analysis:

Source: TradingView

XTZ‘s 70% drop since April saw a second leg after last month’s market-wide drop ran the previous consolidation’s stops.

The level near $2.10 is providing some resistance. However, continuation through the monthly high at $2.18 is not out of the question. Aggressive bulls might bid in the current region near $1.40.

If the price runs the recent swing low, bulls might bid in the gap near $1.20. A deeper retracement could reach near the early monthly level and a gap near $1.00. The region near $0.93 and $0.84 may also provide some support during a deeper retracement.

3. VeChain (VET)

VeChain VET is a blockchain-powered supply chain platform. VeChain aims to use distributed governance and Internet of Things (IoT) technology to create an ecosystem that solves some of the major problems with supply chain management. The platform uses two in-house tokens, VET and VTHO, to manage and create value based on its VeChainThor public blockchain. The idea is to boost the efficiency, traceability and transparency of supply chains while reducing costs and placing more control in the hands of individual users.

VET Price Analysis

At the time of writing, VET is ranked the 31^st cryptocurrency globally and the current price is US$0.02281. Let’s take a look at the chart below for price analysis:

Source: TradingView

VET‘s 50% move during late Q1 ran into resistance near $0.08120, at the 35% extension of the Q1 swing.

An old high and the 18 EMA have provided support near $0.02283 and may give support again on a retest. This area also has confluence with the 55% and 68.9% retracements of November’s swing.

Just below, near $0.02043, the 50.8% retracement of the current Q1 swing might also mark an area of support.

If the market turns bearish, $0.01742 is unlikely to be revisited but could see interest from bulls during any deeper retracement.

An area near $0.02948, at the 50% extension of the last week swing, could see some profit-taking if bulls break the current resistance near $0.03478. Above, old consolidations near $0.03825 and $0.04372 may also provide some resistance before another round of price discovery.

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Crypto News Dash Market Analysis Stellar Trading Uniswap

Top 3 Coins to Watch Today: XLM, DASH, UNI – May 26 Trading Analysis

Post author By Malik Junaid
Post date May 26, 2022

Let’s take a closer look at today’s altcoins showing breakout signals. We’ll explain what the coin is, then dive into the trading charts and provide some analysis to help you decide.

1. Stellar (XLM)

Stellar XLM is an open network that allows money to be moved and stored. When it was released, the goal was boosting financial inclusion by reaching the world’s unbanked – but soon after, its priorities shifted to helping financial firms connect with one another through blockchain technology. The network’s native token, lumens, serves as a bridge that makes it less expensive to trade assets across borders. All of this aims to challenge existing payment providers who often charge high fees for a similar service.

XLM Price Analysis

At the time of writing, XLM is ranked the 27^th cryptocurrency globally and the current price is US$0.1340. Let’s take a look at the chart below for price analysis:

Source: TradingView

XLM set a high near $0.2457 in Q1 before retracing nearly 65% to find a low near $0.1258. The price consolidated around this level before the strong bullish impulse over the past several days.

Probable resistance near $0.1570 is slowing the bullish advance down. However, another leg might target the last swing high at $0.1624 and relatively equal highs at $0.1750. Resistance near $0.1859 could cap the move before the second swing high. Beyond these levels, little stands in the bulls’ way before reaching the swing high near $0.2156.

A retracement before a move higher might find support in the daily gap near $0.1210, just above the weekly open. Relatively equal lows near $0.1165 could also provide support. Run-on stops at $0.1100 and $0.1074 might find support in the gap beginning near $0.1012.

2. Dash (DASH)

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralised in nature. According to the project’s white paper, Dash seeks to improve on Bitcoin by providing stronger privacy and faster transactions. Dash’s governance system, or treasury, distributes 10% of the block rewards for the development of the project in a competitive and decentralised way.

DASH Price Analysis

At the time of writing, DASH is ranked the 70^th cryptocurrency globally and the current price is US$62.03. Let’s take a look at the chart below for price analysis:

Source: TradingView

During April, DASH retraced over 40% before finding support near $53.13. Consolidation above this level has created a series of relatively equal lows, which are likely to be swept before any longer-term bullish trend begins.

In the shorter term, the price might establish support near $60.50 before running the swing high at $73.88. If this bullish move occurs, the price could reach resistance near the weekly open around $79.43, and may even sweep the swing high near $84.22.

Some support might exist at the daily gap near $55.12. A move this low would also fill the monthly gap and set the stage for a possible bullish reversal.

3. Uniswap (UNI)

UNI Price Analysis

At the time of writing, UNI is ranked the 23^rd cryptocurrency globally and the current price is US$5.50. Let’s take a look at the chart below for price analysis:

Source: TradingView

UNI‘s 70% retracement from its March highs set a low near $4.87 during its consolidation that began in early May.

Relatively equal highs near $7.56 could be the current target if the price breaks through resistance beginning near $8.87. Bullish continuation might reach through the next significant swing high near $9.26 into the daily gap near $10.59.

If bullish strength continues, the zones just below the monthly open near $11.88 and $12.45 could halt any retracement.

A bearish shift in the market might seek the relatively equal lows near $5.33 into possible support near $5.00. If this down move occurs, the swing low near $4.90 and possible support near $4.32 may be the primary objective.

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Crypto News Cryptocurrency Law DeFi Uniswap

Class Action Lawsuit Launched Against Uniswap for ‘Promoting Scam Coins’

Post author By José Oramas
Post date April 21, 2022

US-based decentralised exchange (DEX) Uniswap has been hit with a lawsuit that alleges the “sale of unregistered securities”.

The plaintiff in this case is Nessa Risley, a North Carolina resident who filed the class-action lawsuit in the Southern District of New York. Risley claims to have purchased roughly US$10,000 worth of “fraudulent” ERC-20 tokens via Uniswap between May and June of 2021.

The lawsuit names Hayden Adams, Uniswap’s founder, as defendant along with his company Universal Navigation Inc (formerly Uniswap LLC). Co-defendants are venture capital firms Andreessen Horowitz (a16z), Union Square, Ventures and Paradigm.

Guidance Lacking in Risk Assessment

The lawsuit states that having received the necessary disclosures, the plaintiff and other investors would have the necessary guidance to assess the risks of their investments.

Had the tokens been registered as required, the Plaintiff and other investors would have received necessary and meaningful disclosures that would have enabled them to reliably assess the representations being made by the Issuers and the riskiness of their investments. Without these disclosures, they were left to fend for themselves.
Risley v Uniswap lawsuit

Decentralised exchanges, unlike their centralised counterparts, don’t require AML (anti-money laundering) or KYC (Know Your Customer) checks to list tokens on their platforms. Risley claims that Uniswap failed to conduct proper identity checks before listing the tokens on its platform:

Uniswap lawsuit has me rolling.

She needed consistent disclosures to figure out that "Rocket Bunny Token" and "BoomBaby" and "Matrix Samurai" were not legitimate, sensible investments.

💀💀💀 pic.twitter.com/N1qq8uoZnz
— Cobie (@cobie) April 14, 2022

Not the First, Nor the Last

Lawsuits against crypto companies are not uncommon. A month ago, Crypto News Australia reported how Coinbase had been dragged into a class-action lawsuit which, among other things, claims that it sold 79 different digital assets that constituted unregistered securities.

Controversial tokens can also place exchanges on hot water. In November 2021, an Australian law firm filed an A$100 million class-action suit against the issuers of Qoin, promoted by the backers of 30-year-old trading exchange Bartercard.