- Uniswap (UNI) has captured 42% of the total DEX volume on Polygon.
- Uniswap’s DEX volume reached $213 million over the past week.
- A large investor transferred 2.2 million UNI to Coinbase recently.
Uniswap
Uniswap takes the lead
Uniswap’s achievement of this significant milestone can be attributed to the launch of the Uniswap Wallet. This mobile wallet, introduced in April 2023, was developed by the DeFi protocol to offer straightforward access to the DeFi and scalability solutions prevalent in the sector.
The increase in DEX volume indicates a growth in liquidity. This growth in liquidity also shows that tokens were frequently traded on the Uniswap exchange. Soon after this information was revealed, a large investor transferred 2.2 million UNI to Coinbase.
Frequently, a substantial transaction entering an exchange can indicate an impending sell-off. Nevertheless, UNI demonstrated resilience in the past 24 hours. As per CoinMarketCap, the price of UNI stood at $4.17 at the time of reporting, nearly identical to its price on September 11.
UNI Price Trend
The UNI/USD 4-hour chart indicates that the $4.24 support level on September 1 facilitated a price rise to $4.50 by September 3. Nevertheless, the identical $4.24 area attracted bearish activity around UNI, which drove the price down to $4.05.
The decrease in UNI’s price resulted in its Relative Strength Index (RSI) falling to 18.29. However, at the point of documentation, the RSI had escalated to 40.35. This resurgence of the indicator implies a growing number of buyers, which also contributed to the stability of the price over the past 24 hours.
Should the RSI surpass 45.00 or attempt to reach the 50.00 limit, UNI could rise to $4.40. In addition, the Chaikin Money Flow (CMF) indicated a tendency towards a price surge. At the moment of drafting this, the CMF stood at 0.13.
While the CMF isn’t utilized as an independent indicator, its growth suggests an upsurge in UNI accumulation. Therefore, UNI could potentially exceed $4.17. Nonetheless, traders should be cautious of distribution before initiating a long UNI position.
Should the CMF fall under zero, liquidation could be a potential long-term risk. However, if this scenario is avoided, UNI’s initial target could range from $4.20 to $4.25.
Disclaimer: The insights, perspectives, and data presented in this price analysis are published in good faith. Readers must conduct their own research due diligence. Any decision made by the reader is solely their responsibility, and Crypto Outlooks shall not be held responsible for any consequential or incidental harm or loss.
