Is It Too Late to Buy Uniswap? UNI Price Rises 15% and This New XRP Project Could 100x This Year – Here's Why
Top decentralised exchange (DEX) Uniswap has seen UNI (native governance token) surge up +15% in a magnificent pump sending ripples through markets.
This comes amid a storm of anxiety sweeping through DeFi markets this week, following a serious exploit incident which saw Curve pools lose more than $47m to crypto thieves.
With investors racing away from DeFi protocols in response, this week has seen a surge of capital flooding into DEX projects like Uniswap - fuelling the dramatic price move.
The price action triggered by Curve's smart contract exploit has left Uniswap in strong form, with UNI currently trading at $6.30 (a 24-hour change of -5.64%) as a retracement move unfolds.
Ongoing price action is in a -6% retracement, following rejection from topside resistance at $6.70.
Upside momentum comes amid a strong two-months for UNI, which has climbed +72% since June 10.
The recent move, fuelled by trader's angst surrounding Curve, has seen UNI launch away from local support at the 20DMA, which now trades below price action at $6.04.
There is also the emergence of a strong support zone at $5.75, which has seen a historical price level reinforced by convergence with the 200DMA.
Now retracement and consolidation seem to be on the cards, with the RSI signalling bearish divergence at an over-bought 59.
The MACD contrasts this, with bullish divergence reflecting the recent upside swing at 0.029.
Despite the impressive rally, UNI is facing a tough risk: reward profile at 0.65 - as risk dominates price structure.
Upside potential here has been limited by local resistance, leaving UNI bulls targeting a return to $6.66 (+6.13%).
Whereas downside risk has grown significant after UNI pushed away from moving averages, on the downside a move to
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