Uniswap (UNI), the decentralized exchange (DeX) reached a new milestone on February 15, 2021.
This achievement was achieved after successfully touching an accumulative transaction volume of $ 100 billion since August 2020.
This DeX has managed to become the only DeX in the crypto market that has managed to cross $ 100 Billion in its accumulative transaction volume.
Currently, Uniswap still dominates because around 54% of all DeX market transactions take place at Uniswap.
As a result, Uniswap is currently far ahead of SushiSwap and Curve Finance in terms of transaction volume on the decentralized exchange.
In one week, SushiSwap had a volume of about $ 2.9 Billion and Curve Finance $ 1 Billion, while Uniswap reached $ 7.3 Billion.
Uniswap also experienced a liquidity appreciation of 25% to reach $ 3.6 billion in line with the potential for system expansion.
Uniswap has an update plan in the form of a new version of its platform, namely Uniswap v3, which will be realized in the next few months.
It is very possible that with this system update, more and more people will enter Uniswap together with appreciation in the Decentralized Finance (DeFi) sector.
Currently DeX has become one of the main concerns since mid-2020 because it is the center of agricultural yields and provision of liquidity.
However, with the growth of the DeFi sector still largely on the Ethereum network, there is one hurdle: fuel costs.
Currently, gas costs, which are part of the transaction costs, have increased significantly, even reaching more than $ 100.
However, Layer-2 (L2) based solutions such as Loopring provide an alternative that unfortunately still lags behind Uniswap and SushiSwap.
However the existence of Ethereum 2.0 which has some updates such as a proposal like EIP-1559 will be a solution to this problem.
Since January 1, 2021, UNI has managed to earn around 400%, one of the biggest appreciations in the DeFi Sector.
With so much positive sentiment around Uniswap at the moment, it is likely that the price will continue to rise, even reaching $ 30 in the short term.
The target price is seen from the 161.8% Fibonacci point which currently seems to be the objective if the 100% point at $ 23.4 can be passed.
Most likely the objective will be achieved this week considering the movement has started to form an appreciation pattern.
This potential is strengthened by the RSI and MACD indicators which show the potential for appreciation and the price is starting to cross with the MA Cross indicator.
On the other hand, currently a bullish flag pattern is created starting with the morning doji star pattern on the 4 Hours movement chart.
Currently the lower limits of the safe movement are around $ 20.5, $ 19.8, and $ 18.9 which if broken are likely to derail the appreciation movement.
