The price of Unilend Finance has gone parabolic as demand for decentralized finance (DeFi) tokens increases. The UFT token rose to a high of $0.3560, its highest level since May 17 this year. At its peak, the coin was up 190% from its lowest level this year. It has a market cap of $11 million, making it a relatively small coin.
What is United Finance?
Unilend Finance is a relatively small DeFi platform aiming to be a leader in the industry. Its main feature is that it allows people to trade more cryptocurrencies in its ecosystem.
It is a permissionless decentralized protocol that combines spot trading services and money markets with lending via smart contracts. It is available in Ethereum, Polygon, Moonriver and BNB chains.
In its platform, interest rates and mortgage rates are not determined by insiders. Instead, they are determined by supply, demand, and community governance.
Unilend Finance has several features. For example, it allows permissionless listing, which means that people can list any ERC-20 token. Furthermore, it allows borrowing to coexist with trading and investing. It also has liquidity features that make trading relatively easy.
UFT is the native token of the Unilend Finance platform. It is the primary governance token that allows participants to participate in its governance. Additionally, it provides incentives for holders to encourage participants to contribute and maintain the ecosystem.
UFT prices are rising as investors cheer its recent addition to Coinbase. In a statement, the company said users will be able to trade the tokens with other tokens accepted in the wallet. Historically, cryptocurrencies have tended to rally after being accepted by leading platforms such as Coinbase and Binance.
UFT Price Prediction
UFT prices surged to their highest level since May as investors cheered the launch of Coinbase. It has now retreated slightly, but is still at its highest point in more than a month. The coin has jumped above all moving averages, while the Relative Strength Index (RSI) and MACD have risen above overbought levels.
Therefore, I believe this jump will not last for a while. Therefore, it is likely to pull back and retest the key support at $0.25. A break above resistance at $0.33 will invalidate the bearish view.