The post Uniswap (UNI) Price Surges Over 21% Amid DeFi Renaissance appeared first on Coinpedia Fintech News
Uniswap (UNI) price surged over 21 percent in the last 24 hours to trade at about $8.27 on Tuesday, June 10, during the late North American session. The mid-cap altcoin, with a fully diluted valuation (FDV) of about $8.24 billion, recorded a 400 percent surge in its daily average traded volume to about $1.16 billion at the time of this writing.
As a result of the sudden UNI price surge today, around $3 million was liquidated from leveraged traders, with short traders consisting of over $2.4 million.
Uniswap Benefits from DeFi Renaissance
As Coinpedia reported at the beginning of this week, the DeFi altcoins will likely lead in anticipated altseason following regulatory clarity in the United States. During the SEC’s Crypto Task Force roundtable on Monday, Chairman Paul Atkins highlighted that the agency is committed to issuing clear crypto regulations to enable seamless adoption of DeFi protocols in the near future.
The announcement favored Uniswap, a top-tier DEX on the Ethereum (ETH) network. Furthermore, the U.S. SEC recently closed its investigation against Uniswap, following a settlement between the DEC and the CFTC.
What Next for UNI Price?
In the weekly timeframe, the UNI price has been consolidating since April 2024 after a successful bullish breakout from the 2022 bear market. In the past few weeks, the UNI price has successfully rebounded from the lower border of horizontal consolidation.
Moreover, the weekly MACD line has crossed the signal line amid rising bullish histograms.
In the four-hour timeframe, the UNI price successfully broke out of an inverse head and shoulders (H&S) pattern. With the four-hour Relative Strength Index (RSI) having surged above the 70 percent level, UNI price is well positioned to rally towards the next target range between $15.2 and $18.6.