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UFT’s price took a parabolic turn on Friday as demand and volume of the token increased. UniLend Finance’s token has risen to his $0.400, the lowest level since April of this year. Jumping more than 475% from its 2022 lows, his market capitalization now exceeds $22 million.
UniLend Finance is a relatively small but rapidly growing blockchain project in the decentralized finance (DeFi) industry. It was started a few years ago to compete with bigger platforms like Compound, Aave and Maker.
The idea was to create a platform that would allow users to trade more assets than offered by larger projects. To achieve that, they created a system that allows unauthorized listings and a system that allows lending, borrowing and trading between users.
There are several reasons why UFT’s price has skyrocketed over the past few weeks. First, the platform continues to grow its ecosystem through partnerships. Earlier this week, UFT was featured on his DEXTools. User can easily track her UFT pool in real time.
It also reached a partnership with UpBots, which claims to be a cryptocurrency gateway. Other recent partners include Algo Blocks and Life Labs. We currently have over 100 partners, including Binance. The price of Unilend Finance has also jumped as investors wait for the upcoming Omnis mainnet launch.
The 4-hour chart shows that UFT price has been bearish for the past few days. It then went into a parabola on Thursday and Friday as the developers launched several partnerships.
As expected, the coin broke above the 25- and 50-day moving averages and the Relative Strength Index (RSI) reached extreme overbought levels. The same is true for other oscillators such as the Money Flow Index (MFI) and Stochastic, which have moved to overbought levels.
Therefore, the coin may retreat sharply in the coming days. If this happens, the next reference level will be $0.25, about 30% lower than the current level.
