- The 24-hour trading volume has surged by 1242% in the past 24 hours.
- The market capitalization of UNI is $6.96 Billion which has increased by 57% in the last 24 hours.
Uniswap (UNI) price has gained 62% on Friday on a proposal to reward token holders in a major governance overhaul. A major proposal to enhance Uniswap’s community governance has been made by the Uniswap Foundation. The market has responded swiftly to this recommendation, significantly raising the value of UNI coins. The foundation’s project attempts to alter the fee structure in a way that will assist holders who stake and assign their UNI tokens. The price of UNI has increased dramatically as a result—by more than 62%.
The current market price of Uniswap is $12.29 with a gain of 62% in the last 24 hours. The 24-hour trading volume is $1.37 Billion and according to the trading volume, it ranks 9th in the cryptocurrency market.
UNI crypto price is trading far over the significant moving average which showcases a bullish trend. RSI is at 86 and is heading towards the overbought zone indicating strong buying pressure.
UNI Crypto Price at 52-week High; What’s Next?
On a daily time frame, the Uniswap price has been in a strong bullish trend and has recorded a 52-week high of $12.63 by today. As per the technical chart, the UNI price has been facing resistance from the $8 mark but today the price has jumped by approximately 60% by surpassing this resistance level.
If the UNI price manages to sustain over the $8 mark and buyers remain in the game, the price may rise by forming higher highs. As per the technical data, a sudden rise in the trading volume and market capitalization was detected which may lead to a bullish trend for the next few weeks.
On the other hand, if the traders and investors prefer to book profits, the price may witness a rapid fall and all the previous gains can be eroded. If the running 1-D candle closes below the $9 level, most of the buyers may get trapped which may lead to a sharp fall.
Uniswap Price Technical Analysis Over 4-H Timeframe
In a 4-H time frame, the UNI crypto price was witnessing slow and steady gain but a few hours back, the UNI price suddenly jumped by approximately 70% and surpassed the $10 hurdle.
As per the technical chart, if the price slips below the $10 level, we can observe profit booking. At this point, profit booking may lead to a bearish trend because it will take place in bulk. But if the price defends the $10 mark and rises, the bullish trend will extend into the next few weeks.
Summary
Uniswap (UNI) crypto price has seen a significant surge of 62% in the past 24 hours, with a 1242% surge in trading volume. The market capitalization of UNI has also increased by 57%. This sudden jump in price is due to the major proposal made by the Uniswap Foundation to enhance the governance of the community. If the price manages to sustain its current level, a bullish trend may be witnessed over the next few weeks. However, if the price falls below certain levels, a bearish trend would be imminent.
Technical Levels
Resistance: $12.00 & $12.98
Support: $8.00 & $5.75
Disclaimer
This article is for informational purposes only and provides no financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.