Uniswap Set to Retest $30 – A Quick Trade Plan

The UNI/USD closed at $28.4090, after reaching a high of $29.1620, and a low of $27.2250. Uniswap regained its bullish momentum on Sunday, after declining on Saturday.

The leading decentralized exchange, Uniswap, has become the first decentralized finance protocol to generate more than $1 billion worth of platform fees for liquidity providers. The combined fee revenues of Uniswap’s v2 and v3 Ethereum mainnet deployments have surpassed $1 billion.

The reduced strength of the US dollar, amid the recent sell-off just before the weekend, added further gains for the UNIs/USD over the weekend, as they are negatively correlated, which means rising prices of the greenback can drag the UNIs/USD prices to the downside and vice versa.

27.3686                     29.3056

26.3283                    30.2023

25.4316                     31.2426

Pivot Point:              28.2653

On Monday, the UNI/USD was trading with a slight bullish bias at the 29.40 level, facing resistance at the 29.35 level. On the higher side, the next resistance remains at 30.25 and 31.35, along with support levels of 28.25 and 27. The 50 EMA and the RSI are in support of a buying trend. Therefore, we should look for a buy trade over 28 today. Good luck!