In the last day of trading, the Decentralized Finance (DeFi) token Uniswap [UNI] saw a 7.2% increase in value as the cryptocurrency market started to see upward volatility related to the halving of Bitcoin [BTC].
According to CoinMarketCap, trading volumes increased by 15% as well, with over $181 million in UNI crossing hands in a single day.
Will things get better for UNI?
Token owners were relieved by the uptick since they had witnessed a 30% decline in their UNI portfolio in the previous month. Additionally, if analyst predictions come true, they may see further short-term profits.
The TD Sequential indicator provided a buy signal for the coin, as noted by well-known cryptocurrency market expert Ali Martinez. This prompted him to forecast that UNI's surge may continue for a further two to three days, with a potential peak of $10 on the charts.
Due to the halving, investors are beginning to reinvest in the cryptocurrency market. After the most recent halving, UNI was introduced, and the next year it surged to its all-time high (ATH).
The outlook for the market is optimistic
The price pump also stimulated the UNI Futures market, as seen by the 6.4% rise in Open Interest (OI) in a single day.
Price increases that are accompanied by increases in OI typically indicate fresh capital entering the market and validate the upward trend.
Uniswap's ecosystem has been facing regulatory obstacles since the U.S. Wells notice hit it. early in the month, the Securities and Exchange Commission (SEC). Community members will be pleased to see how well UNI is doing, even though Uniswap maintains it is ready to pursue the legal battle.
April 2024, Cryptoniteuae