#uniswaps

Uniswap’s UNI Price Could Soon Rally Above $6 – Here’s Why

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Uniswap’s UNI started a decent increase above $5.35 against the US Dollar. The price is likely to continue higher above $6.00 and $6.20 in the near term.

UNI started a fresh increase after forming a base above the $4.75 level against the US dollar.

The price is trading above $5.65 and the 100 simple moving average (4 hours).

There was a break above a major contracting triangle with resistance near $5.35 on the 4-hour chart of the UNI/USD pair (data source from Kraken).

The pair is likely to continue higher if it clears the $6.00 and $6.20 resistance levels in the near term.

Uniswap’s UNI Regains Traction

After forming a support base above $5.00, UNI started a fresh increase. The bulls were able to push Uniswap’s price above the $5.25 and $5.30 resistance levels, similar to Bitcoin and Ethereum.

There was also a break above a major contracting triangle with resistance near $5.35 on the 4-hour chart of the UNI/USD pair. The pair gained pace and tested the $6.30 zone. A high is formed near $6.291 and the price started a downside correction.

There was a break below the $6.00 level. UNI price tested the 50% Fib retracement level of the upward move from the $5.09 low to the $6.291 high.

Source: UNIUSD on TradingView.com

The price is now trading above $5.50 and the 100 simple moving average (4 hours). On the upside, the price is facing hurdles near $6.00 and $6.10. A close above the $6.10 level could open the doors for more gains in the near term. The next key resistance could be near $6.30, above which the bulls are likely to aim a test of the $6.80 level. Any more gains might send UNI toward $7.00.

Dips Supported?

If UNI price fails to climb above $6.00 or $6.20, it could correct further lower. The first major support is near the $5.70 level. The next major support is near the $5.50 level.

It is close to the 61.8% Fib retracement level of the upward move from the $5.09 low to the $6.291 high. A downside break below the $5.50 support might open the doors for a push toward the key $5.10.

Technical Indicators

4-Hours MACD – The MACD for UNI/USD is gaining momentum in the bullish zone.

4-Hours RSI (Relative Strength Index) – The RSI for UNI/USD is well above the 50 level.

Major Support Levels – $5.65, $5.50 and $5.10.

Major Resistance Levels – $6.00, $6.30 and $6.80.

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Why This Signal Means Uniswap's Bear Run Is Almost Over

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The price of Uniswap, the largest decentralized exchange by trading volume, is down roughly 35% from Q1 2023 peaks. Even so, on-chain data from Etherscan shows that there has been a steady increase in the number of UNI holders in the past two days.

As of May 13, there were 369,646 UNI holders. Since then, the number has increased to over 370,100 as of May 26. During this time, UNI prices have remained stable but relatively high.

Uniswap Price On May 6| Source: UNIUSDT On Binance, TradingView

Based on the UNIUSDT chart, the prices have found support around $4.9. However, prices have increased by approximately 10% over the past two weeks, rising to $5.4. Although the number of UNI holders may not directly affect the prices, there is a clear correlation between the demand for UNI and the increase in token prices.

Several factors could have provided tailwinds for UNI, the governance token of Uniswap. 

Apple Jail Break

On May 23, Uniswap’s mobile wallet was released from what Uniswap Labs, the team maintaining Uniswap, said was “Apple jail.” 

With this jailbreak, users can download the Uniswap Wallet, that’s non-custodial like MetaMask. 

Through this wallet, users can buy and sell various supported cryptocurrencies. 

This announcement is bullish because as more users opt for Uniswap Wallet, the demand for the decentralized exchange could rise, increasing its dominance and stature. 

While MetaMask remains the most dominant Ethereum and Ethereum Virtual Machine (EVM) wallet enabling the storing and trading of various tokens, even using processors like PayPal, the popularity of Uniswap could see Uniswap Wallet gnaw market share. 

Presently, Uniswap Labs said their wallet could support the trading of tokens across Ethereum, Polygon, Optimism, and Arbitrum.

Uniswap To Launch On Base?

Earlier on, the Uniswap contributors proposed the deployment of the DEX v3 on Coinbase’s Base. 

Among supporters of this proposal is GFX Labs, one of the largest UNI holders and supporters of Uniswap’s expansion to other chains. Recently, GFX Labs voted for the launch of the DEX on BNB Smart Chain (BSC) and MoonBeam. 

Even so, before voting starts, the proposal will undergo a “temperature check-up” to gauge community support. If there is majority support, it will proceed to the next step.

Uniswap v3 is the latest iteration of the DEX, introducing the concept of concentrated liquidity for higher capital efficiency and more return on investment (ROI) for liquidity providers. 

Base is a layer-2, open-source, and EVM-compatible platform by Coinbase, one of the largest cryptocurrency exchanges.

It is unclear whether the above-spurred demand for UNI, pushed the number of holders higher in the last week.  However, this could suggest that the project is generating interest, which may support future token prices.

Feature Image From Canva, Chart From TradingView

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Uniswap’s Each day Quantity Simply Overtook Coinbase by Greater than $80 Million

Key Takeaways

Uniswap is the primary DEX to document increased buying and selling volumes than Coinbase.

Uniswap’s greatest moat is its excessive buying and selling quantity, which is a direct byproduct of the motivation the DEX affords arbitrageurs.

Uniswap might lose market share to a competitor, however that is extremely unlikely within the close to future.

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