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Is Uniswap about to go lower after a MACD crossover?

Is Uniswap about to go lower after a MACD crossover?

Uniswap was one of the strongest tokens in July on strong fundamentals The Uniswap…

The post Is Uniswap about to go lower after a MACD crossover? appeared first on CoinJournal.

Is Uniswap about to go lower after a MACD crossover?
  • Uniswap was one of the strongest tokens in July on strong fundamentals

  • The Uniswap protocol proposes a new foundation to support growth

  • UNI is holding a key level, but bear weakness could heighten

After a strong rally recently, Uniswap UNI/USD bull run is weakening. A more than 3.40% drop in the last seven days illustrates the weakening momentum. However, UNI has kept a key level, sending mixed signals about the next potential move.

Uniswap’s gains in July were connected to improved sentiment in the crypto sector. The price surge, in particular, came from the projected Ethereum merge. That boosted DeFi tokens such as Uniswap. Another development in the month was the listing of the token on Robinhood. UNI hit a high of $9.8 on July 28 following the monthly rally. The price was from a low of $4.0 at the beginning of the month.

The latest development was the creation of the Uniswap Foundation. Announced in early August, the foundation would support the growth of the protocol. It will champion the creation of a $60 million fund to fund various projects. Uniswap creator Hayden Adams expects the foundation to build a protocol that “thrives.” The development is yet to cause any impact on UNI but underlines the protocol’s long-term map plan.

UNI holds $8.4 support intact despite MACD crossover

Source – TradingView

From the technical outlook, the MACD line crossed below the signal line. The crossover comes after UNI consolidated and weakened slightly above the $8.4 support. The cryptocurrency has also maintained the uptrend in a system of higher highs and higher lows.

Concluding thoughts

The MACD crossover sends mixed signals for UNI traders. However, as long as the token keeps $8.4 support, it has a chance to go higher. Investors should watch for bullish signs. If the token crashes below $8.4, that will be set on course for further correction. The next level is $6.5 and $5.6.

The post Is Uniswap about to go lower after a MACD crossover? appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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Polygon invests in BFF to diversify company holdings

Singapore-based VC Blockchain Founders Fund (BFF), focused on blockchain and early-stage Web3 startups globally,…

The post Polygon invests in BFF to diversify company holdings appeared first on CoinJournal.

Singapore-based VC Blockchain Founders Fund (BFF), focused on blockchain and early-stage Web3 startups globally, and Polygon have entered into a strategic partnership, Coin Journal learned from a press release. 

Polygon is investing in the fund to advance blockchain adoption and diversify the company’s holdings. 

BFF boasts track record in effective scaling 

Blockchain Founders Fund boasts an impressive track record of scaling companies in the Web3 space to targeted audiences.

Among the companies associated with BFF are such working in social intelligence for cryptocurrencies (LunarCrush), blockchain-powered no-code gaming studios, and various other apps. 

Fund raised $75m from leading investors 

The web3-focused fund launched in January after a number of leading investors helped it raise $75 million. Among them were Appworks, Sebastien Borget, COO of The Sandbox, NEO Global Capital (NGC), and Polygon co-founder Sandeep Nailwal.

In the past, Polygon and BFF have invested in top blockchain companies such as Altered State Machine and Splinterlands to speed up and empower dApps. 

The present partnership will allow both companies to provide Web3 founders with exceptional value propositions and disrupt industries.

Mr. Nailwal commented:

We must support entrepreneurs in building innovative products and infrastructure if we want to realize the vision of Web3 and help achieve mainstream adoption. We are delighted by the prospect of working with Blockchain Founders Fund, which believes in the transformative potential of Web3 and share our vision.

BFF Managing Partner Aly Madhavji added:

Adding an institution like Polygon as a partner will expand our capacity to invest in a broader range of early-stage companies. Their industry expertise will help us connect with the highest-potential companies that are finding real solutions to real problems.

The best blue-chip services, gaming platforms 

Polygon boasts more than 37,000 dApps and is transforming into the de facto Web3 platform. 

The ecosystem is comprised of an array of blue-chip services such as Aave, Curve, and Uniswap and top metaverse and gaming platforms like The Sandbox and Decentraland. 

The network also works on the mass market, helping leading world brands like Adobe and Starbucks integrate Web3 functionality. 

The post Polygon invests in BFF to diversify company holdings appeared first on CoinJournal.

Source: CoinJournal: Latest Bitcoin, Ethereum & Crypto News

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