Unilend Price Prediction as UFT Token Goes Bonkers

Unilend Price went parabolic on Saturday as investors focused on the growth of its ecosystem during the World Cup tournament. The UFT token surged to a high of $0.4460, which was slightly below its all-time high. This made it one of the best-performing cryptocurrencies during the weekend.

What is Unilend and why is it rising?

Unilend is a small but fast-growing platform in the Decentralized Finance (DeFi) industry that solves a major problem. Most platforms provide only a limited number of tokens to traders and investors. Unilend, on the other hand, solves this challenge by providing thousands of tokens. 

It allows both trading and DeFi capabilities to co-exist within the same protocol. By so doing, it hopes to solve the liquidity and liquidation issue that limits the growth of DeFi. It does this by letting users create their own lending and risk management strategies for lending, borrowing, and spot trading.

Unilend’s developers have been working hard to grow its network. They are currently working to launch the second version of the network. Unilend V2 offers thousands of tokens that people can buy and sell easily.

Unilend price is rising as investors cheer the growth of its network during the World Cup. The developers introduced team tokens that people can trade on. For example, if a game like Morroco and Portugal is going on, users can buy the token of the team they hope will win. Fans can leverage long positions on their favorite teams and short the other teams.

Unilend is not the only blockchain network taking part in the World Cup. OKX, the fast-growing exchange, has launched an NFT competition where people bet on their favorite teams. In the end, winners will distribute over $3 million worth of rewards.

Still, it is unclear whether this UFT price pump will continue. In the past, we have seen several pumps and dumps during the weekend. For example, we saw OSMO price surge and then collapse.

Unilend price prediction

The four-hour chart shows that the UFT price surged on Saturday. It rose to a high of $0.4718, which was a few points below the highest level on record. As it rose, the token rose above the important resistance level at $0.3754, the highest level on November 20.

Unilend price then declined sharply and moved below the support at $0.3754. It remains above the 25-day and 50-day moving averages. Therefore, the token will likely continue falling as sellers target the support at $0.32.