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Uniswap V3 has seen a volume of $7.1 Billion on Ethereum; UNI declined 41% last month.
Uniswap is one of the most popular decentralized trading platforms currently present in the market. It is an AMM and was launched way back in 2018 and has gained significant popularity since then. The platform provides liquidity and gives much more value to the Defi sphere.
On April 10 2024, the SEC warned Uniswap about its plan to recommend action against them. In a recent blog by Uniswap they clarified that all of their products will function normally and will continue adding additional products for the users.
They also gathered a lot of support from the crypto community. The company is confident regarding legality of their products.
$30 Billion Volume But Still A Long Way To Go For UNI
Uniswap has remained one of the most favorable platforms for traders. With low fees and a strong architecture, they have managed to attract a large number of users.
The platform has a TVL of $5.5 Billion with an average volume of over $30 Billion in the last 30 days. Meanwhile, looking at the fees collected by Uniswap on Ethereum is equivalent to $1.9 Million per day. On the layer 2 protocols like Optimism, Uniswap has been collecting fees of over $110.2 k daily, as per Dune.
The number of active users on the protocol has not been seeing any significant increase. There were 9205 active users which were interacting with the protocol in the last 24 hours.
Meanwhile, there were only 20 developers who did 367 commits on github in the last 24 hours. This overall stagnation in dev and user count might affect the protocol in the long term. Many analysts are optimistic regarding the growth and development of the project and are expecting new highs in the future.
Will UNI Price Be Able To Recover From The Current Levels?
Uniswap Drives A Surge In L2 Trading, Will It Be Enough To Fight by Ritika_TCR on TradingView.com
Uniswap has a market cap of $4.3 Billion and is ranked 23rd in the crypto verse. Overall volume declined over 34% in the past 24 hours. It was trading at $7.21 at the time of writing with a 5% intraday drop. UNI’s daily chart shows strong bearish candles.
The upside momentum of UNI price can see a halt near the value of $8.5. Meanwhile, the support can be seen near $7. It is trading below the 50 and 100 DMAs and if it jumps over these indicators, strong upside momentum is likely.
RSI of UNI is near 35 with a downside slope in it suggesting a bearish momentum. Meanwhile, MACD of the asset price also suggests a downside trend in price.
Conclusion
Uniswap recently got served by the SEC about the legality of its product. The crypto community supports decentralized exchange (DEX) products, the support for Uniswap is clearly visible. UNI is currently trading near a crucial zone and could pick up strong momentum in the future.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
