Uniswap (UNI) Says “Ready To Fight” To SEC: Price Soars 20%

• 1 Uniswap (UNI) registered a sharp up move and escaped the key EMA’s mark.
• 2 Buyers have gained momentum and are looking to surpass the $10 mark.

This week, UNI crypto regained bullish momentum and sharply soared over 45% and crossed the significant moving averages. Yesterday, Uniswap labs responded to the SEC, related to the Wells Notice. The firm claimed that the allegations were “weak and wrong” .

The SEC should not devote its taxpayer-funded resources to bringing a case against us,” said Uniswap. “But we’re prepared to fight.

After this clarification, the token price witnessed investor speculation and sharply exceeded gains with a spike in trading volume.

Source: Twitter

At press time, Uniswap traded at $9.52 with an intraday spike of 2.56%, reflecting buying momentum in the intraday session. It has a monthly return ratio of 24.30% and 89.23% yearly.

Uniswap Registered Breakout: Bull Rally Ahead?

On the daily charts, Uniswap token displayed a double bottom formation and registered a breakout this week. Moreover, the UNI price has sharply breached the neckline hurdle of $9.

The price action highlights that the token has grabbed fresh buying momentum and eyeing to approach the $10 mark.

Source: Santiment

Additionally, the volume buying activity gives evidence that bull army are looking confident, whereas sellers are looking trapped. Ranked at 21 per the market cap, the Uniswap token has a total supply of 1 billion, while the trading volume spiked over 15% to $220.10 Million.

Another key trigger behind the price rise is the adoption of new Ethereum token ERC- 7683 in collaboration with AcrossProtocol for cross-chain intents.

Source: Twitter

The Momentum Indicator (RSI) curve sharply spiked to the overbought zone and revealed a positive divergence on the charts.

Surge In Development Activity and Active Addresses Data

For weeks, the development activity data represented a consistent up move and reached the high mark of 111, signifying an optimistic outlook

Source: Santiment

Additionally, the active addresses data replicate an incremental move this week. At press time, the value noted at 1275, glimpsed neutrality on the charts.

Futures Data Hints Short Covering

The Futures derivative data glimpsed that the seller army had trapped and started covering their positions.

Source: coinglass

The open interest value dropped over 2.30% to $103.25 Million, revealing that the token will continue to stretch the up move ahead.

Conclusion

The Uniswap (UNI) crypto might continue to stretch the up move and will cross the $10 mark shortly. As major key metrics are favouring the upside and the token will outperform in the next sessions.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.