Uniswap Price Soars 20% in a Week Following the Launch of Its Layer-2 Network
The Uniswap price is winning on the charts today, increasing 2.84% in the past 24 hours to $8.11. Accompanying the noticeable price movement is its 24-hour trading volume, which has surged 182% to $703 million. The growing market interest has notably seen the market cap increase by 2% to $4.84 billion. UNI is now up 20% in a week, 20% in a month, and 94% in a year, gaining a spot among the fastest-growing tokens.
What Is Behind the Impressive Rally?
Uniswap has defied the market sell-off following the launch of its layer-2 network, Unichain. Unichain is designed to accelerate Ethereum’s scaling roadmap, prioritizing the needs of DeFi users and protocols.
Introducing @unichain — a new L2 designed for DeFi ✨
Fast blocks (250ms), cross-chain interoperability, and a decentralized validator network
Built to be the home for liquidity across chains pic.twitter.com/lqfJh6Ltio
— Uniswap Labs 🦄 (@Uniswap) October 10, 2024
Built on the Superchain, Unichain will support native interoperability for fast, secure cross-chain transactions. It also supports standards like ERC-7683 to make swapping seamless across all chains.
On the other hand, a well-known analyst has predicted that Uniswap has the potential of hitting a new ATH soon. This is possible if the token closes above its 1D MA200 and Lower Highs trend-line for confirmation of a potential long-term rally targeting $20.
Uniswap (UNIUSD) needs to close above its 1D MA200 and Lower Highs trend-line for confirmation of a potential long-term rally targeting $20.
👉 Automated Trading Bot: https://t.co/l6w108zT2t pic.twitter.com/gxPNoeR25C
— Crypto | #1 Free Signals (@best_analysts) October 11, 2024
Uniswap Statistical Data
Based on CoinmarketCap data:
- UNI price now – $8.11
- Trading volume (24h) – $703.17 million
- Market cap – $4.84 billion
- Total supply –1 billion
- Circulating supply – 600.29 million
- UNI ranking – #22
How High Can the Uniswap Price Go?
The Uniswap price currently holds at $8.11, following a minor correction from highs seen last on October 10 at $8.39. The 4-hour chart timeframe shows that the bulls broke above the ascending parallel channel before slightly retracing.
Diving into the technical outlook, the Uniswap price is sitting on top of confluence support formed by two key indicators: The 50-day Simple Moving Average (SMA) (green) at $7.1409 and the 200-day SMA (blue) at $6.9583. This leaves the bulls in a resistance-free zone, with the odds leaning towards the buyers.
The Relative Strength Index (RSI) has plunged from the overbought zone, currently at 67.08. If the investors commence early profit booking at this level, the RSI could dip below the 50-mean level before the bulls gain momentum. In the meantime, the RSI upholds a bullish outlook, with more room for the upside before UNI is considered overbought.
The Moving Average Convergence Divergence (MACD) indicator reveals that bulls currently have the upper hand. As observed from the four-hour chart, the blue MACD line holds above the signal line in orange as the momentum indicator has jumped above the neutral 0.000 area. This calls for traders and investors to rally behind UNI unless the MACD changes.
Uniswap Price Prediction
The bulls have left no stone unturned in the Uniswap market, upholding the big-picture bullish. Increased buying appetite will see the Uniswap price hit $10 in the short term.
However, if the bears start early profit booking, the Uniswap price will drop. In such a case, the $7.90 support level would cushion against further losses. A breach and break below the support level will cause the price to dwindle, with $7.14 (coinciding with the 50-day SMA) in line to absorb the selling pressure.
Emmaculate Araka
Emmaculate Araka is a cryptocurrency writer with published works on Crypto2Community and other news sources. She is believer in the transformative power of crypto and the blockchain industry, conducting on-chain analysis, breaking down market-triggering events, and helping traders and investors benefit from expert technical price analysis. Emmaculate finds gratification in diving deep into the crypto space, earning herself significant knowledge and experience. She holds a Bsc. in Information Science, and outside work, Emmaculate loves reading novels and watching documentaries.
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