Monat: Juli 2022

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Uniswap token escapes consolidation zone with a chance to ride up to $8.0

  • Uniswap’s token has gained by 12% in 24 hours

  • The protocol’s liquidity providers faced a phishing attack on Monday

  • Uniswap has now escaped the consolidation zone and eyes higher levels

Uniswap’s UNI/USD has risen by 12 % in the last 24 hours, according to CoinMarketCap. The gains come amid slight recoveries in crypto after inflation data stoked markets. We believe Uniswap has a long way to recover. However, the latest gains will be sustained in the next few days.

The gains in Uniswap come amid a suspected phishing attack on its v3 protocol liquidity providers. The attack, which occurred on Monday, led to the loss of around $4.7 million ETH tokens. ERC20 tokens and NFTs were also stolen in the sophisticated attack. Uniswap crashed by almost 10% following the attack. Uniswap’s development team clarified that the phishing attack was not caused by an error in the protocol.

Uniswap starts an uptrend after escaping a consolidation zone

Source – TradingView

Uniswap’s token bottomed at $4.7. The price crashed below it temporarily but recovered. The latest gains push the price above the bottom level, raising a bullish case for the token. MACD indicators are bullish too. The MACD line crossed above the moving average, indicating a bullish trend. The 14-day and 21-day moving averages have joined a support for the Uniswap token. We believe the cryptocurrency offers opportunities in the short and long term.

In the short term, the Uniswap token has an established resistance at $8.0. Investors should consider holding up to the level. However, the token could face a minor correction at $6.1. Investors can buy at the 14-day or $21-day moving averages. In the long-term, investors should hold Uniswap to lock value at the bottom price.

Summary

Uniswap’s token is starting a bullish rally after overcoming a consolidation level. The cryptocurrency will continue rising but may face resistance at $8.0. Investors can hold in the short term to the resistance or long-term.

The post Uniswap token escapes consolidation zone with a chance to ride up to $8.0 appeared first on CoinJournal.

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CoinFLEX announces resumption of withdrawals

After pausing withdrawals last month, CoinFLEX has today announced the resumption of withdrawals.

CoinFLEX announced it will enable limited withdrawals for all its users this week as it continues to work on its recovery plans.

Starting at 5 am UTC (1 pm HKT/SGT) on Friday, July 15, CoinFLEX will cancel all current pending withdrawals and return all the funds to their respective account balance. The platform will then shut down for a few hours to begin the process of re-enabling withdrawals and trading.

Non-FLEX Perp positions

CoinFLEX recommends users close all existing non-FLEX Perp positions by the end of the week.

According to CoinFLEX, many of its users have accounts with open Perp positions that require liquidation when the FLEX Perp mark price is updated. And a section of these accounts would go to the negative equity.

Therefore, to protect creditors on the CoinFLEX platform, balances and positions in all the subaccounts will be merged with their respective main accounts.

Withdrawing BCH

After the resumption, 90% of any new smartBCH deposits on CoinFLEX will be locked leaving 10% for trading and withdrawal as BCH.

Withdrawals of BCH on smartBCH network will continue until further notice.

FlexUSD balances

All existing flexUSD balances on CoinFLEX will be locked.

Then 90% of any new flexUSD deposits transferred from a cold wallet leaving only 10% available for redeeming.

And since all futures contracts must be closed, flexUSD will not hold short perp positions meaning holders will not be earning interests for now.

New flexUSD minting has also been suspended until further notice.

FLEX coin withdrawals

Existing FLEX coins will also be locked like other assets. Any new FLEX coins bought on CoinFLEX will however be fully available for withdrawals.

CoinFLEX also noted that they are continuing to work on resolving their current predicament that could lead to allowing further withdrawals. It is also looking for potential new investors or acquisitions or a combination of both as it tries to resolve the situation.

The post CoinFLEX announces resumption of withdrawals appeared first on CoinJournal.