Uniswap Surges as Bullish Patterns Emerge
Uniswap (UNI) has surged over 20% in the past 24 hours, reaching $8.61. this marks an 84% increase from its april low.
UNI’s market cap has surpassed $5 billion, surpassing Aave’s market cap. The price spike follows a breakout from an inverse head-and-shoulders pattern on the daily chart.
Trading volume for UNI has jumped by more than 150%, reaching nearly $1.39 billion. In the derivatives market, open interest has surged 54% to a record $713 million. The long/short ratio is above 1, indicating bullish sentiment.
technically, UNI has formed a golden cross, with the 20-day moving average crossing above the 50-day. The MACD and RSI indicators are trending upward, suggesting sustained gains. If the breakout holds, UNI could move toward $10.40, a 37% increase from current levels.
Uniswap’s new Smart Wallet declaration on June 10 has fueled the rally. The wallet aims to simplify on-chain interactions. Regulatory clarity in the U.S. may also be contributing to the bullish sentiment. SEC Chair Paul Atkins hinted at an “innovation exemption” framework for DeFi platforms.
Daily active addresses on Uniswap have surged 92%, indicating rising user engagement. Bitcoin’s recovery above $110,000 has also supported UNI’s rally.
traders are watching a key support level at $8.20. A drop below $7.50 could invalidate the bullish structure, potentially leading to a retrace toward $4.70.
