In this article, we look at the latest news on the Osmosis, Uniswap and Algorand crypto projects.
On the speculation front, we then go on to analyse the price situation for the OSMO, UNI and ALGO coins.
The cryptocurrency market, after two long years of bearishness, is finally returning to attract capital and significant volumes on crypto exchange platforms, leading to price increases for numerous altcoins.
Will the rally continue for a few more weeks?
All the details below.
Latest news from crypto projects Osmosis, Uniswap and Algorand
On the news front, we start with all the news that appeared last week at Osmosis.
Yesterday, the community of decentralised exchanges based on the Cosmos SDK published a governance proposal regarding the possible introduction of a new feature of DEX pools.
Specifically, it was proposed to activate an ‘uptime’ for LP providers, setting a ‘minimum uptime’ for those wishing to contribute loan tokens to the protocol, implicitly helping to achieve breadth and depth of liquidity.
Thus, if the proposal is adopted, new providers will only be able to redeem their rewards if their position has been in the pool for a certain period of time, while still being able to withdraw liquidity at any time.
For example, if a particular incentive requires 1 week of ‘uptime’ and an LP closes its position 3 days after creating it, it will not receive any incentive.
Other important news in the Osmosis world concerns a very important milestone that has been reached: the exchange platform is now the 5th largest exchange (counting central exchanges) for ATOM trading, behind only Binance, WhiteBIT, HTX and OKX.
Launched on 2 November 2018 by its founder Hayden Adams, Uniswap immediately managed to attract the attention of crypto enthusiasts, eventually becoming the largest and most liquid DEX in the crypto industry.
In October, Uniswap confirmed its domain by registering $33 million in fees and a TVL of $3.4 billion.
As for Algorand, there is no particular news to report, except for the presence of an event that will take place on Thursday 9 November, where the entire crypto community will be able to participate in the launch of 16 NFT-style Latin American artworks.
These works celebrate the essence of freedom, resilience, creativity and environmental awareness.
The sale will take place on the non-fungible token marketplace ‘Exa Market‘.
Each NFT will have a supply of 1 unit, so the drop will be limited to first-time buyers.
This is a project that will help the Algorand ecosystem to emerge in the complex NFT sector, where it is still underdeveloped compared to its main competitors Ethereum, Ronin, Solana and Polygon.
Price analysis of the cryptos OSMO, UNI and ALGO
We now turn to the price analysis of the OSMO, UNI and ALGO cryptos, which represent the tokens of the Osmosis, Uniswap and Algorand projects respectively.
All 3 coins are up today, but have different backgrounds that need to be analysed individually.
Starting with OSMO, we can see that the week began with a continuation of the bullish trend that began on the 20th.
After the crypto closed with a +37% candle on the 2nd of November with a very long spike, followed by a red candle the next day, a retracement was expected for OSMO, which did not occur.
The RSI has been in the overbought territory for several days and may continue to do so for a few more candles.
The currency is currently trading at $0.528, with next resistance at $0.67 and $0.8.
At the moment, the price structure suggests that there is more to come, but it should be remembered that the risk/reward of trading OSMO may be very unfavourable at the moment.
It is best to wait for the structure to consolidate for a few days and then take off again later.
In the case of UNI, we can see a much clearer structure to interpret.
After a 2-month period of strong declines that began in August, the Unsiwap token has come back to life, breaking through the 5 dollar mark and preparing for the next leg up.
However, before drawing any premature conclusions, we need to see how the crypto closes the daily candle and on what volume.
A possible close above current levels, with volume at least higher than yesterday’s, could point to another green candle tomorrow.
The next hurdles for UNI are the $5.5 level, then the psychological $6 threshold, and finally the $6.3 area, where several sell orders have been placed.
On the bearish side, the main support is at $4.5: a breach of this level could signal the start of another bearish leg that would take the crypto price below $3.8 in the medium term.
Finally, analysing the ALGO, we can see that similar to UNI, the currency started the week in the best possible way, confirming an ongoing bullish trend.
In this case, however, the structure appears to be even stronger, with prices currently near resistance at the $0.127 level, ready for another breakout towards $0.13 and beyond.
For the bears, the $0.11 level is worth watching, but is unlikely to be challenged any time soon.
Trading volumes for the Algorand coin have increased over the past few days in parallel with the BTC pump, but have not been as exaggerated as in the case of OSMO and UNI.
Perhaps this detail could be fatal in determining a healthier trend, able to continue its march longer than the other 2 cryptos analysed.