Uniswap (UNI) Flashes Buy Signal as Price Jumps 8%

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Written By Maya Cantina

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Fri, 19/04/2024 – 15:03

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Uniswap (UNI), a key player on the decentralized finance (DeFi) landscape, is currently in the news following an 8% surge in the cryptocurrency. Renowned crypto analyst Ali Martinez outlined how the surge indicates a buy signal flashed on Uniswap’s daily chart.

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Analyst’ optimistic stance on Uniswap

On the Uniswap chart, the TD Sequential indicator for identifying potential price points flashes a buy signal, preparing traders for short-term corrections. Martinez highlighted that Uniswap’s recent price movement suggests it may be preparing for a 1-4 day surge. Specifically, Martinez points out that UNI could potentially climb to $10.

Meanwhile, the Fear and Greed Index shows that Uniswap’s investors are greedy at 66 as the price prediction remains bullish. At the time of writing, UNI is trading at $7.60, demonstrating an increase of 8.5% in the past day. Simultaneously, trading volume surged by 14% to $182.5 million.

Uniswap seems to be attracting investors seeking protection over their assets following Bitcoin’s recent price decline. Its relevance in the DeFi ecosystem makes it a promising altcoin in the crypto market.

Uniswap’s regulatory challenges

Uniswap’s recent market uptick comes only shortly after the U.S. Securities and Exchange Commission (SEC) notified the leading decentralized exchange of an anticipated enforcement action. Uniswap CEO Hayden Adams confirmed the news on social media platform X, expressing readiness to fight despite saying he was disappointed with the regulator.

Uniswap found itself under the SEC’s scrutiny a few years ago. The Wall Street Journal stated in September 2021 that the SEC was investigating the top DEX, with the agency’s lawyers concentrating on the exchange’s advertising.

Marvin Ammori, chief legal officer at Uniswap, condemned the SEC’s Wells notice as “another abuse of power.” He claimed that the regulator lacks authority over securities. Meanwhile, the SEC is presently pursuing legal action against several big players in the crypto market.

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