Uniswap One of the Biggest Gainers So Far Today: What’s Happening?
Uniswap (UNI) is on a roll early on Monday, gaining over 18% over the past week and reassuring investors that the DeFi ecosystem is still
Uniswap (UNI) is on a roll early on Monday, gaining over 18% over the past week and reassuring investors that the DeFi ecosystem is still going strong despite the mixed feelings towards cryptocurrencies prevalent since the past several weeks. At the time of writing, UNI/USD is trading around $20.
The largest decentralized exchange in the DeFi space, Uniswap, is enjoying a bullish mood after having dropped down to the $17 level at the start of the month. Powering the interest in UNI could be the recent announcement of Coinmarketcap launching a new token swap feature integrating Uniswap so its users can swap ERC20 tokens from their wallets.
With this development, millions of potential users of Coinmarketcap can move to Uniswap, driving up its adoption and raising its trading volumes and revenues in the near future. Uniswap V2 and V3 together handled over $3 million worth of daily fees in average over the past week alone, and this latest announcement can only serve to send this figure even higher.
Analysts remain optimistic about UNI’s long term prospects, given the growing interest among investors in DeFi, expecting its price to touch $100 in the coming months as long as the bullish momentum can sustain. Our very own team of analysts expect the recent upgrade to V3 to take Uniswap higher over the medium and long term.
Key Levels to Watch
Lately, the UNI/USD price appears to be undergoing some form of consolidation around the key $20 level, which means that we could be gearing up for a breakout in the near-term. On the 4-hour chart of the crypto pair, we can see a bullish bias being projected by most of the moving averages as well as the MACD indicator.
The price is holding above the pivot point around the $19 level, suggesting hopes for more upside soon. The next hurdle buyers will encounter will be resistance at around $22 and then again at $24. A break above the key $30 level will see buyers face resistance once again at $28.
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