Uniswap Battles with Bearish Pressure Amid Recent Auto Router Network Update
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Uniswap Battles with Bearish Pressure Amid Recent Auto Router Network Update

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Azeez Mustapha

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Uniswap Labs (UNI)—the developers behind Uniswap, the largest DeFi exchange—recently released several critical features to boost pricing and optimize the gas costs of swaps.

The firm released an updated “Auto Router” that enhances trade prices significantly by routing trades across both Uniswap v2 and v3 pools. Through this feature, users can track the true cost of a swap in real-time on the App interface. Apart from optimizing swap prices, the new update also scouts for the best prices across all UNI protocols for users.

Meanwhile, the update also came with another feature that featured both Optimistic Ethereum and Arbitrum. The improvements got implemented to provide a more cost-effective trading experience for users, with the help of efficient trade pricing and the low costs of a Layer 2 network.

Additionally, Uniswap App comes with a USD estimate of the gas fee before submitting a swap for approval. Through the utilization of gas estimates, the app will also automatically set slippage based on a trader’s expected gas cost and trade size.

Although several innovative platforms have emerged in the DeFi space, UNI continues to secure its position as the DEX market leader. According to a report by analytics provider Dune Analytics, Uniswap dominates the DEX market by a whopping 78%. Its immediate competitor, SuhiSwap, dominates only 8% of the market.

Key Uniswap Levels to Watch — December 20

UNI continues to struggle with lasting bearish pressure as the cryptocurrency falls below the $15.00 mark, following a failed rebound from the $13.75 base. At press time, the twentieth-largest cryptocurrency is under a renewed bearish influence, as it barrels down towards $13.75 again.

UNIUSD – Daily Chart on Coinbase. Source: TradingView

That said, a retest of this multi-month low in the near term could make or break the cryptocurrency as the new year draws near. As illustrated in the daily chart, a successful defense of the $13.75 base could ignite the long-awaited market rebound and push prices towards the $21.00s. However, failure to prevent bears from going below the critical support could fan the bearish flames and push prices to the $10.00 low.

Meanwhile, my resistance levels are $15.00, $16.00, and $16.75, and my support levels are $13.75, $13.00, and $12.00.

Total Market Capitalization: $2.14 trillion

Uniswap Market Capitalization: $8.95 billion

Uniswap Dominance: 0.41%

Market Rank: #20

 

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