The Unilend Finance price has gone parabolic as demand for the decentralized finance (DeFi) token rise. The UFT token rose to a high of $0.3560, which was the highest level since May 17th this year. At its peak, the coin was up by 190% from its lowest level this year. It has a market cap of $11 million, making it a relatively small coin.
What is Unilend Finance?
Unilend Finance is a relatively small DeFi platform that aims to become a leading player 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 and borrowing through smart contracts. It is available in Ethereum, Polygon, Moonriver, and BNB Chain.
In its platform, interest rates and collateralization ratio 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, meaning that people can list any ERC-20 token. Further, it allows lending and borrowing to co-exist with trading and investing. It also has liquidity features that make trading relatively easy.
UFT is the native token for Unilend Finance platform. It is the primary governance token that allows participants to take part in its governance. Further, it provides holders with an incentive to encourage participants to contribute and maintain the ecosystem.
The UFT price is rising as investors cheer its recent addition to Coinbase. In a statement, the company said that users will be able to trade the coin against other acceptable coins in the wallet. Historically, cryptocurrencies tend to rally after they are accepted in leading platforms like Coinbase and Binance.
UFT price prediction
The UFT price surged to the highest level since May as investors cheered the Coinbase launch. It has now pulled back slightly but it remains at the highest point in more than a month. The coin has jumped above all moving averages while the Relative Strength Index (RSI) and the MACD have moved above the overbought levels.
Therefore, I believe that this jump will not last for a while. As such, there is a likelihood that it will have a pullback and retest the key support at $0.25. A move above the resistance at $0.33 will invalidate the bearish view.
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