On Wednesday, the UNI price plummeted following news that the U.S. SEC had sent a Wells Fargo notice to Uniswap, suggesting an impending lawsuit. By Thursday, the UNI price hit a low of $8.8, but managed to halt any additional declines as uncertainty surrounding the altcoin lessened.
Uniswap Price Bounceback Possible In Near Term
Recent on-chain activity indicates that Uniswap, despite bearish sentiment in the community, is experiencing a resurgence of conversations. This renewed interest may result in an upward price trend for Uniswap.
According to data from Santiment, a provider of on-chain information, Uniswap has seen an uptick in apprehension and anxiety among traders due to the SEC’s warning to Uniswap Labs about possible regulatory actions. This announcement has led to heightened interest in the UNI token, with conversations surrounding it reaching their peak in over a year, along with a substantial rise in its circulation.
In simpler terms, history shows that assets which have gone down in value often rebound when there is excessive negative publicity surrounding them. For instance, this pattern can be observed in the XRP situation with the SEC over the last few years. More recently, UNI‘s market value has dropped by 38% due to these ongoing events.
The UNI Price Action and Key Developments
At this moment, Uniswap’s price is at $9.09 and its market capitalization amounts to $5.44 billion. The UNI token is currently priced below $10.00 and falls short of both the 100-SMA over a 4-hour span and the immediate resistance around $9.45. This level aligns with the 23.6% Fibonacci retracement point of the recent price drop from the peak of $11.79 to the low of $8.72. Further significant resistance can be found near $10.25 or at the trendline.
If the price of UNI tokens manages to break above $10.25 in a firm manner, it could lead to more price increases in the near future. In this case, investors should keep an eye on $11.80 as the next significant resistance level. Should the bullish trend continue beyond that point, the UNI token may aim for $12.00, and potentially reach as high as $13.50.
In spite of the regulatory obstacles, Uniswap remains committed to advancing important new projects. Uniswap Labs has teamed up with Across, a cross-chain technology, to establish a fresh standard for inter-blockchain interactions.
On Thursdays announcement, this collaborative plan aims to simplify communication between different intent-based systems using a common “connector” network. This connector network enables the exchange or engagement of assets and blockchain protocols across multiple platforms.
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2024-04-12 08:31