Uniswap (UNI) Price Surges Over 21% Amid DeFi Renaissance
Uniswap (UNI) has experienced a significant price surge of over 21 percent in the past 24 hours, reaching a trading price of $8.27 on Tuesday, June 10, during the late North American session. This mid-cap altcoin, with a fully diluted valuation (FDV) of approximately $8.24 billion, has seen a 400 percent increase in its daily average traded volume, reaching around $1.16 billion at the time of writing.
The sudden surge in UNI price today resulted in the liquidation of around $3 million from leveraged traders, with short traders accounting for over $2.4 million of that amount.
Uniswap has been benefiting from the DeFi renaissance, as reported by Coinpedia earlier this week. With the anticipated altseason following regulatory clarity in the United States, DeFi altcoins are expected to lead the way. The recent roundtable by the SEC’s Crypto Task Force, where Chairman Paul Atkins highlighted the agency’s commitment to issuing clear crypto regulations, has favored Uniswap, a top-tier DEX on the Ethereum network. Additionally, the closure of the SEC’s investigation against Uniswap following a settlement between the DEC and the CFTC has also been a positive development for the project.
Looking ahead, the UNI price has been consolidating since April 2024 after a successful breakout from the 2022 bear market. In recent weeks, the price has rebounded from the lower border of horizontal consolidation. The weekly MACD line has crossed the signal line, accompanied by rising bullish histograms, indicating a bullish momentum.
In the four-hour timeframe, the UNI price has broken out of an inverse head and shoulders (H&S) pattern. With the four-hour Relative Strength Index (RSI) surpassing the 70 percent level, the UNI price is poised to rally towards the next target range between $15.2 and $18.6.
Overall, Uniswap’s recent price surge and positive developments in the regulatory landscape indicate a bullish outlook for the project. With the DeFi sector gaining traction and regulatory clarity on the horizon, UNI could see further price appreciation in the coming days.
