Popular DeFi token Uniswap (UNI) is experiencing considerable price action in the upwards direction and undergoing somewhat of a consolidation around the key $18 level. At the time of writing, UNI/USD is trading around $17, bouncing back after touching a low of $14 in the previous session.
The 10th most popular cryptocurrency by market cap, Uniswap ended the previous session in the green despite the decline to the lowest levels seen in a week. Even while activity across the larger cryptocurrencies remains somewhat subdued over rising regulatory uncertainties after China’s recent clampdown, DeFi seems to be enjoying significant investor attention, helping UNI hold strong for now.
Uniswap Labs, the company behind the project that accounts for over 50% of the market share in the DeFi space, recently hired a new COO, Mary-Catherine Lader, whose previous experience includes working for leading asset manager firm BlackRock. The move signifies the company’s serious vision towards expanding its market dominance further, a move that is likely to lend it support in the medium term based on how she charts out Uniswap Labs’ growth strategy.
In the short-term, meanwhile, UNI is also enjoying support from news about a Canada-based fintech firm, Wealthsimple, adding the token to its list of offerings on its crypto trading platform. The company claims to Canada’s only regulated crypto asset platform and this development could help increase investor interest in Uniswap.
Key Levels to Watch
On UNI/USD’s 4-hour chart, we can see a bearish bias among most of the moving averages. However, technical indicators MACD and momentum are pointing towards a bullish bias.
Things are very interesting at the moment, with the Uniswap price sitting close to the support level around the $17 mark. If the price rises beyond this level, a confirmation of a bullish trend can take place after it overcomes the pivot point at $21 and heads towards resistance at $24.