The upbeat mood in the cryptocurrency market has boosted DeFi’s appeal, driving the native token of the most popular decentralized finance platform Uniswap towards strong gains since the previous session. At the time of writing, UNI/USD is trading at around $21, up by more than 11% in the past 24 hours.

The mood among crypto investors received a much needed boost after several sessions of bearishness as the market leader Bitcoin gets ready to test the key $35,000 level again. A break above this level can strengthen the upbeat mood and send Uniswap (UNI) as well as other digital assets on a stronger move upwards soon.

The mood in the markets has been under pressure over the past few weeks, ever since China came down hard against crypto mining activities. In addition, regulatory concerns have surfaced and are back in focus amid recent developments in leading markets like the US and the UK. In late June, the UK’s financial regulatory authority FCA announced a ban on the world’s largest cryptocurrency exchange, Binance, and has cautioned investors against high risks in the digital assets’ space.

However, these developments failed to dampen the mood among DeFi investors, keeping Uniswap supported through the past few sessions and ensuring that losses in UNI’s values remained limited. Several new projects continue to be announced in this space and are vying to catch the attention of institutional investors.

However, UNI could face some pressure over allegations of a ‘pump and dump’ scheme by a former Google employee and YouTube influencer ‘TechLead’. The man behind the scam Patrick Shyu launched a Million token (MM) via an IDO at the beginning of this month, and its value surged by as much as 3,500% before crashing almost 60% lower. The incidence of such ‘rug-pull’ scams detract investors from taking DeFi seriously and turn them hesitant to put in more of their capital, which could take away some of Uniswap’s sheen.

Key Levels to Watch

Moving averages and the MACD indicator on the four-hour chart of UNI/USD are suggesting a bullish bias prevalent in the digital asset. The price is holding above the pivot point at $19 level and just below an immediate resistance at $22.

A continuation of the uptrend can see buyers test resistance at $24 and $28 before Uniswap makes its way past the key $30 level soon.