According to CoinGecko, UNI price has risen by 2.71% in the last 24 hours, reaching $6.80 USD per token at the time of writing. This is a remarkable achievement considering that both Bitcoin (BTC) and Ethereum (ETH), the two largest cryptocurrencies by market cap, have declined by 0.21% and 0.80% respectively in the same period.
UNI has also outperformed other major DEX tokens such as SushiSwap (SUSHI), PancakeSwap (CAKE), and Curve DAO Token (CRV), which have dropped by 1.82%, 3.73%, and 1.41% respectively in the last 24 hours.
One of the reasons behind UNI’s impressive performance is the increase in trading volume and buyer count on Uniswap. According to Uniswap Analytics, the platform has processed over $1.2 billion USD worth of trades in the past day, up by 45% from the previous day. The number of unique addresses that have interacted with Uniswap has also increased by 8.5% to over 110,000 in the same period.
These metrics indicate that there is a growing demand and interest for UNI as more users utilize the platform to swap tokens and provide liquidity. Moreover, UNI holders can benefit from the fees generated by the platform, which are distributed proportionally to liquidity providers.
UNI Technical Analysis
Looking at the daily chart of UNI/USD, we can see that the price has been in an uptrend since late April, when it bounced from the support level of $5.14 USD, which coincides with the lower Bollinger band and the 50-day moving average (MA).
Since then, UNI has broken above several resistance levels, such as $5.59 USD, $6.52 USD, and $7.33 USD, which correspond to the upper Bollinger band, the 100-day MA, and the 200-day MA respectively.
The price is currently facing some resistance at $6.80 USD, which is near the 23.6% Fibonacci retracement level of the downward move from the all-time high of $44.93 USD to the low of $5.14 USD.
If UNI can break above this level, it may challenge higher levels such as $8.08 USD (38.2% Fibonacci retracement level), $9.36 USD (50% Fibonacci retracement level), and $10.64 USD (61.8% Fibonacci retracement level).
On the other hand, if UNI fails to overcome this resistance, it may retrace back to lower levels such as $6.52 USD (upper Bollinger band and 100-day MA), $5.59 USD (lower Bollinger band), and $5.14 USD (50-day MA and support level).
The Relative Strength Index (RSI) is currently at 58.76, indicating that UNI is neither overbought nor oversold at the moment. However, if the RSI rises above 70 or falls below 30, it may signal a potential reversal in the price trend.
The Bollinger bands are widening, indicating that volatility is increasing in the market. This means that UNI may experience large price movements in either direction in the near future.
Conclusion
Uniswap price has shown a strong bullish momentum in the last 24 hours, outperforming both BTC and ETH as well as other DEX tokens. The increase in trading volume and buyer count on Uniswap suggests that there is a high demand and interest for UNI as more users swap tokens and provide liquidity on the platform.
UNI is currently facing some resistance at $6.80 USD, which is near the 23.6% Fibonacci retracement level of the previous downtrend. If UNI can break above this level, it may challenge higher levels such as $8.08 USD, $9.36 USD, and $10.64 USD.
