Following an 8% increase in the value of cryptocurrencies, Uniswap (UNI), a significant participant in the decentralized finance (DeFi) space, is currently in the news. Ali Martinez, a well-known cryptocurrency analyst, explained how the spike on Uniswap's daily chart suggests a buy signal flashing.
Analyst's positive outlook for Uniswap
In order to alert traders to impending short-term corrections, the TD Sequential indicator on the Uniswap chart flashes a buy signal. Martinez emphasized that there's a chance Uniswap is getting ready for a one to four day spike based on its current price movement. Martinez specifically mentions the possibility of UNI rising to $10.
As the price prognosis is still optimistic, the Fear and Greed Index, which stands at 66, indicates that Uniswap's investors are avaricious. As of the time of writing, UNI is up 8.5% over the previous day, trading at $7.60. Concurrently, trading volume reached $182.5 million, a 14% increase.
In the wake of Bitcoin's recent price collapse, investors looking for asset protection appear to be drawn to Uniswap. It is a promising altcoin in the cryptocurrency market because of its importance to the DeFi ecosystem.
Uniswap's legal difficulties
The latest market surge for Uniswap occurs just after the U.S. The top decentralized exchange was informed by the Securities and Exchange Commission (SEC) of an impending enforcement action.
On social media site X, Uniswap CEO Hayden Adams verified the information and declared his preparedness to battle, even though he expressed disappointment with the regulator. A few years ago, the SEC began to investigate Uniswap. According to a September 2021 Wall Street Journal article, the SEC was looking into the top DEX, with the agency's attorneys focusing on the exchange's advertising.
Chief legal officer of Uniswap Marvin Ammori denounced the SEC's Wells notice as "another abuse of power," arguing that the agency had no jurisdiction over securities. The SEC is currently litigating a number of significant participants in the cryptocurrency industry in the interim.
April 2024, Cryptoniteuae