TRENDING:
US GDP
BoE interest rate decision
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Uniswap price primed for 20% rally, leads altcoins in new bull run

  • Uniswap has taken the lead among altcoins as the price continues its uptrend.
  • Uniswap price continues posting gains in the ongoing bull run.
  • Analysts believe that the DeFi token is primed for a 20% price rally.
Uniswap price primed for 20% rally, leads altcoins in new bull run
Ekta MouryaEkta MouryaFXStreet

The world’s third-largest decentralized exchange has witnessed a spike in growth and market capitalization. Uniswap is leading the altcoin rally, gearing up for a 20% gain in price. 

Uniswap price is ready for a 20% rally

Uniswap, one of the largest decentralized exchanges, has clocked in over $712 billion in trade volume in 2021. The exchange has witnessed a nearly ten times increase in market capitalization. With massive growth, experts have noted a spike in Uniswap on-chain activity. 

Hayden Adams, the creator of Uniswap, believes that the decentralized exchange will, 

Cross $1 trillion in cumulative volume with just its current 1-2m users.

Uniswap is leading altcoins in the ongoing bull run, posting over 25% gains over the past two weeks. The native token of the decentralized exchange has continued its uptrend since January 1, 2022. 

Crypto intelligence platform IntoTheBlock observed a price rally in DeFi blue chips like Uniswap. According to crypto data platform Crypto Cap Flow data, there is a spike in open interest in Uniswap futures, hitting $102.89 million. Increasing open interest is considered a sign of rising investor interest and demand for Uniswap. 

@BullishTraderss, a pseudonymous crypto analyst and trader, has predicted that Uniswap could preserve its uptrend; the next resistance for the token is at $23. Uniswap is looking to breakout resistance in the Bitcoin and USDT pairs. 

FXStreet analysts have evaluated the Uniswap price trend and predicted that the native token of the decentralized exchange is close to starting a new uptrend towards $60. 

Author

Ekta Mourya

Ekta Mourya

FXStreet

Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.

More from Ekta Mourya
Share:

Editor's Picks

Mixed signals leave XRP and XLM at crossroads

Mixed signals leave XRP and XLM at crossroads

Ripple and Stellar are trading at critical technical levels on Thursday. XRP has stabilized above the psychological $1.00 support, while XLM is testing support at $0.173. Traders should be cautious as mixed derivatives metrics keep the outlook uncertain for both altcoins. Derivatives data shows mixed sentiment among traders. CoinGlass’ long-to-short ratio for XRP reads 1.02 on Thursday.

Robinhood revenue climbs 32% to record $1.3B in Q2, crypto earnings decline 38%

Robinhood revenue climbs 32% to record $1.3B in Q2, crypto earnings decline 38%

Robinhood hit record revenue for the second quarter of the year, with total net revenue rising 32% year-over-year to $1.31 billion, according to its earnings report on Wednesday. The exchange witnessed strong growth across equities, options and event contracts.

Bitcoin trails US Dollar as Fed holds rate steady

Bitcoin trails US Dollar as Fed holds rate steady

The Federal Reserve kept its benchmark interest rate unchanged at 3.50% to 3.75% at its July meeting on Wednesday, in line with market expectations. Minutes from the meeting showed that economic activity has been expanding at a solid pace despite elevated uncertainty. The central bank also noted that job gains have "kept pace with the workforce."

Ethereum: Can Fed decision unsettle the calmness in ETH?

Ethereum: Can Fed decision unsettle the calmness in ETH?

Ethereum climbed above $1,900 on Wednesday following the Federal Open Market Committee's (FOMC) decision to leave interest rates unchanged at 3.50-3.75%. The decision follows a quiet derivatives and spot market for the top altcoin, with traders waiting for the decision before making a move, according to CryptoQuant analysts.

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin: BTC holds firm, but the $100 Oil threat could change the game

Bitcoin (BTC) is modestly recovering, trading at $65,400 on Friday and holding firmly above the key support zone. US-listed spot Bitcoin Exchange Traded Funds (ETFs) supported BTC’s modest recovery as they continued to attract institutional inflows through Thursday, pointing to the third consecutive week of inflows.