UFT prices went parabolic on Friday as demand and volume for the token rose. UniLend Finance’s token climbed to a high of $0.400, its lowest level since April of this year. It has jumped more than 475% from its lowest level in 2022 and has a market cap of over $22 million.
What is UniLend Finance?
UniLend Finance is a relatively small but rapidly growing blockchain project belonging to the Decentralized Finance (DeFi) industry. It was launched a few years ago to compete with big platforms like Compound, Aave, and Maker.
The idea is to create a platform where users can trade more assets than are offered in these large projects. By doing so, the developers aim to create a platform with thousands of assets. To achieve this, they created a system that allows permissionless listings, and a system that allows users to borrow and trade between them.
There are several reasons for the UFT price increase over the past few weeks. First, the platform continues to grow its ecosystem through partnerships. Earlier this week, UFT was listed on DEXTools, allowing users to easily track UFT pools in real-time.
It also has a partnership with UpBots, which describes itself as a gateway to cryptocurrencies. Some other recent partners are Algo Blocks and Life Labs. It now has over 100 partners including Binance. The price of Unilend Finance is also rising as investors await the upcoming Omnis mainnet launch.
UFT Price Prediction
The four-hour chart shows that UFT prices have been in a bearish trend for the past few days. Then on Thursday and Friday, it went parabolic as the developer rolled out several partnerships. As it rallied, it managed to break above important resistance at $0.3335, which was the high on May 26.
As expected, the coin managed to bounce back to the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) moved to extreme overbought levels. The same goes for other oscillators like the Money Flow Index (MFI) and Stochastics.
As such, the coin has the potential to pull back significantly in the coming days. If this happens, the next reference level to watch will be $0.25, which is about 30% lower than current levels.
