Leading DEX Uniswap has witnessed a sudden price retreat as the wider markets bounce from recent lows.
This article will provide an analysis of UNI’s current price trends and look to see whether a newer DEPIN token, eTukTuk, represents a more promising investment opportunity at this time.
UNI up 50% since Kinji dropped a report and model for Messari subscribers about the upside to $UNI token in the event revenue was turned on. https://t.co/63gwxe0Qau pic.twitter.com/DYxiK9xILk
— Ryan Selkis (d/acc) (@twobitidiot) February 23, 2024
Retracement comes hot on the heels of fired up price action for Uniswap, which climbed +80% after a report was released from Messari research, focused on UNI token’s bullish outlook for the year ahead.
UNI Price Analysis: As UNI Teeters on Brink of Retracement After Messari Pump – Is Uniswap About to Crash?
With the leading DEX token shifting into retreat, Uniswap is currently trading at a market price of $10.68 (representing a 24-hour change pf +0.7%).
This comes after a sensational performance over the last week, in a move that saw UNI price hammer-up to tap a local high at $12.86, leaving UNI trading at a 6-month gain of 131%.
Resistance here is significant and stems from a historic price level between $13 and $15, a zone which has supplied support to previous bull run price action in 2021.
If UNI is able to break-up high here, and smash into this price level it will mark a vital reclamation, cementing UNI’s poised position ahead of a major year for crypto.
However, the move up is not without its risks, as a -16% retracement move dominates the past few days of price action, leaving UNI heading south.
Yet, despite the initial rejection from resistance, there is a glimmer of hope, with the substantial gains made in day prior being solidified in a bullish pennant pattern.
But cause for concern does emerge from the RSI indicator, which has over-heated to an over-bought 75.67, suggesting a need for retracement and consolidation.
With lower support demanded, this could see Uniswap temporarily revisit $9.57, especially given growing divergence above 20DMA support – which has been left behind at $8.
Meanwhile, the MACD offers further hope, with positive sentiment stemming from minor bullish momentum at 0.368.
Overall, UNI price analysis depicts an image of healthy growth following a bullish boost in fundamentals from Messari, with price action now demanding a retracement and consolidation move to solidify recent gains.
To the upside, UNI price remains targeting a push into the supply zone at $13.50 (a potential +26.7%).
While downside risk could see retracement push UNI down to $9.57 (a possible -10.18%).
Consequently, UNI price analysis reveals a short-time frame risk: reward ratio of 2.62, a good entry, characterized by a great deal of overhead potential.
But while Uniswap might face retracement in the immediate future first, quickfire traders are flocking to this latest DEPIN play – which could help sustainably conscious investors make major years in the months ahead.
Alternative Play to UNI Price Analysis? Introducing eTukTuk – Best Eco Crypto 2024?
As the world grapples with climate change, the crypto industry continues to grapple with environmental sustainability, eTukTuk emerges as a beacon of innovation and ecological responsibility.
This ground-breaking project, currently in its presale phase, is not just another crypto token; it’s a revolutionary step towards transforming urban transportation in developing countries while addressing the critical issue of environmental degradation.
Introducing Buy and Stake mechanism, get $TUK tokens and instantly stake them, initiating a dynamic APY.
Early stakers enjoy higher returns as APY adjusts with participation, encouraging early adoption and a fair, enticing incentive structure for all. pic.twitter.com/pMrXEZzB3f
— eTukTuk (@eTukTukio) October 10, 2023
How is eTukTuk Revolutionizing Urban Mobility?
At its core, eTukTuk is about more than just introducing a new cryptocurrency, it’s a comprehensive solution aimed at reducing carbon emissions, combating CO2-related health conditions, and fostering financial inclusion, particularly in developing countries.
The project’s main offering is an innovative electric vehicle charging infrastructure (EVSE), tailored to meet the needs of cities and suburban areas in developing regions.
Alongside this, eTukTuk presents its proprietary EV model, designed to be both affordable and efficient, facilitating a seamless transition for drivers from traditional vehicles to eco-friendlier options.
Blockchain at the Heart of Sustainable Transport: A Mission to Clean the Air
The foundation of eTukTuk’s operations lies in deployment on the robust and efficient BNB Chain, backed by Binance.
This choice not only guarantees scalability and security but also aligns perfectly with eTukTuk’s core values of people-centric innovation, the integration of blockchain technology ensures a transparent, secure, and efficient framework, essential for the project’s success.
The mission of eTukTuk is straightforward yet impactful: to significantly reduce pollution from the prevalent 270 million traditional tuk-tuks worldwide.
By providing a cost-effective alternative in the form of electric tuk-tuks and a network of affordable charging stations, eTukTuk aims to make sustainable transportation accessible to all households.
This initiative is particularly crucial given the alarming air pollution statistics, with 7 million annual premature deaths globally linked to air pollution, predominantly in developing regions.
Fundamentals: Technological Innovations for a Greener Tomorrow
But eTukTuk is not just replacing traditional tuk-tuks with electric variants; it’s redefining urban mobility with a slew of AI and blockchain solutions:
AI-Driven Efficiency: The $TUK token fuels AI advancements to optimize routes, reduce traffic congestion, and cut down on fuel consumption.
Eco-Friendly Innovations: $TUK aligns token presale efforts with environmental goals, supporting green transportation research.
Smart Infrastructure: $TUK tokens are pioneering intelligent transport systems through AI-enhanced blockchain technology.
Predictive Maintenance: AI integration in eTukTuks allows for timely maintenance, prolonging vehicle life and ensuring reliability.
Additionally, the project’s strategy includes a shared infrastructure model, utilizing solar-powered charging stations to make
eTukTuk is self-sufficient and compatible with a range of EVs.
The timing for eTukTuk couldn’t be more apt, as the global EV market is experiencing exponential growth.
This surge is particularly notable in the Asia-Pacific region, where the demand for affordable electric two and three-wheelers is on the rise.
eTukTuk is well-positioned to lead this market transformation, providing scalable infrastructure and a sharing economy model to ease the transition to EVs.
Play-to-Earn: Engaging and Rewarding Eco-Friendly Urban Mobility
eTukTuk has launched a Play-to-Earn game, offering players a Crazy Taxi-style adventure through Sri Lanka’s streets.
This innovative game not only entertains but also highlights the eTukTuk vehicle, allowing players to earn rewards while managing their vehicle’s battery life.
This gamification strategy enhances the project’s engagement in a fun and interactive way.
The $TUK token is pivotal to eTukTuk’s ecosystem, ensuring a decentralized, transparent, and secure future.
Built on the BNB Chain for its compatibility with Binance Pay and Connect, it enables smooth transaction processing.
Additionally, the project’s multi-chain approach, incorporating both the BNB Chain and Cardano, demonstrates a commitment to inclusivity and cross-chain interoperability.
The project also introduces “Power Staking,” a mechanism allowing participants to earn rewards by staking TUK tokens.
This initiative supports the shared economy and empowers users to contribute to the network’s growth, especially in transitioning from ICE-powered to electric tuk-tuks.
Phase-wise Development: A Strategic Approach
eTukTuk’s development is strategically phased, from the initial unveiling of the white paper to the establishment of offices in Sri Lanka and Singapore.
Key milestones include the development of apps, partnership announcements, the deployment of charging stations, and the launch of the $TUK token on major exchanges – each phase is meticulously planned to ensure steady progress and scalability.
The Bottom Line
In summary, eTukTuk stands at the forefront of the tech wave by delivering an eco-friendly revolution in urban transportation, leveraging blockchain’s potential to create a sustainable, accessible, and inclusive solution.
With its ongoing presale, eTukTuk offers an attractive opportunity for environmentally conscious investors to be part of a transformative journey.
As the world grapples with escalating environmental challenges, eTukTuk’s vision of greener, smarter, and more inclusive urban mobility is not just timely but imperative.
So don’t miss out; join the urban mobility revolution and fight climate change.
The post Is Uniswap About to Crash? UNI Price Falls as eTukTuk’s Eco-Friendly Crypto Nets $1.4M appeared first on Cryptonews.