Uniswap Reaches $2 Trillion Milestone and UNI’s Next Step
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- Despite Uniswap’s impressive $2 trillion volume milestone, UNI is having trouble breaking out of a downtrend.
- Technical indicators are showing signs of potential recovery as open interest rises, signaling increased market interest.
Recently, Uniswap [UNI] achieved an impressive cumulative trading volume exceeding $2 trillion on Ethereum’s Layer 1 blockchain, highlighting its pivotal role in the decentralized finance sector.
Nevertheless, UNI, the governance token of the protocol, is still on a downward trend. Currently priced at $7.18 and down by 4.61% at press time, Uniswap faces significant challenges on the path to recovery.
The pressing question now is if this milestone can create enough momentum to alter Uniswap’s bearish trend.
Key support and resistance levels for UNI
The price chart of UNI illustrates essential support and resistance levels that could influence its near-term direction. The main support level sits around $6.39—an important threshold to halt any further declines if selling pressure persists.
However, should UNI manage to sustain itself above this level, it may encourage buying activity and achieve stabilization.
Moreover, significant resistance exists at $8.31—a crucial level that must be surpassed for a confirmed recovery trajectory. A more ambitious target lies at $11.67; reaching this price could indicate strong market confidence.
Thus, these levels serve as vital indicators for investors seeking signs of a reversal in trend.
Transaction count analysis: Does activity indicate growth?
Uniswap has recorded 1,838,000 transactions—a modest uptick of 0.8% within the last 24 hours—indicating sustained trading activity that may offer support for UNI’s price stability. span />
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