Rally

Uniswap

DeFi

Momentum

<ul class="list-ic vertical">
 <li>1 <a>Uniswap (UNI) registered a sharp up move and escaped the key EMA’s mark.</a></li>
 <li>2 <a>Buyers have gained momentum and are looking to surpass the $10 mark.</a></li>
</ul>
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.
<center>
 <blockquote class="twitter-tweet">
 Today we responded to the SEC’s Wells notice We believe DeFi is revolutionary and we’re going to fight to protect it Summary of our response and the full 40 page document here:<a href="https://t.co/u4fEWHVMVu" rel="noopener noreferrer nofollow">https://t.co/u4fEWHVMVu</a>— Uniswap Labs <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f984.png" alt="🦄" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Uniswap) <a href="https://twitter.com/Uniswap/status/1792973632588677509?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 21, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
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.
<h2 class="wp-block-heading" id="strong-uniswap-registered-breakout-bull-rally-ahead-strong">Uniswap Registered Breakout: Bull Rally Ahead?</h2>
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. <iframe loading="lazy" title="Santiment Chart: Price (UNI), Volume (UNI)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=pepe&amp;pt=PEPE&amp;df=2023-11-22T18%3A29%3A59.853Z&amp;dt=2024-05-22T18%3A29%3A59.853Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bprice_usd%3Buniswap%3BUNI%5D%3B%5B1%3Bvolume_usd%3Buniswap%3BUNI%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
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 <a href="https://www.thecoinrepublic.com/2024/05/22/ethereum-etf-approval-will-put-these-altcoins-on-steroids/" target="_blank" rel="noopener noreferrer nofollow">Ethereum </a>token ERC- 7683 in collaboration with AcrossProtocol for cross-chain intents.
<center>
 <blockquote class="twitter-tweet">
 Uniswap Labs will be adopting this standard when we go cross-chain with UniswapX Read the full proposal below <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/2935.png" alt="⤵" class="wp-smiley" style="height: 1em; max-height: 1em;"><a href="https://t.co/rImPo1JVEn" rel="noopener noreferrer nofollow">https://t.co/rImPo1JVEn</a>— Uniswap Labs <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f984.png" alt="🦄" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Uniswap) <a href="https://twitter.com/Uniswap/status/1792551034260258895?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">May 20, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</center>
Source: Twitter
The Momentum Indicator (RSI) curve sharply spiked to the overbought zone and revealed a positive divergence on the charts.
<h3 class="wp-block-heading" id="strong-surge-in-development-activity-and-active-addresses-data-strong">Surge In Development Activity and Active Addresses Data</h3>
For weeks, the development activity data represented a consistent up move and reached the high mark of 111, signifying an optimistic outlook <iframe loading="lazy" title="Santiment Chart: Development Activity (UNI), Active Addresses 24h (UNI)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=pepe&amp;pt=PEPE&amp;df=2023-11-22T18%3A29%3A59.853Z&amp;dt=2024-05-22T18%3A29%3A59.853Z&amp;emcg=1&amp;emhwm=1&amp;wm=%5B1%3Bdev_activity%3Buniswap%3BUNI%5D%3B%5B1%3Bactive_addresses_24h%3Buniswap%3BUNI%5D&amp;wax=0%3B1&amp;wc=%23FF5B5B%3B%23FFCB47&amp;ws=%7B%22transform%22%3A%7B%22type%22%3A%22moving_average%22%2C%22movingAverageBase%22%3A42%7D%2C%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%7D" scrolling="no"></iframe>
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.
<h3 class="wp-block-heading" id="strong-futures-data-hints-short-covering-strong">Futures Data Hints Short Covering</h3>
The Futures derivative data glimpsed that the seller army had trapped and started covering their positions.
<div class="wp-block-image">
 <figure class="aligncenter size-large"><img loading="lazy" decoding="async" width="1024" height="244" src="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-284-1024x244.png" alt="" class="wp-image-206528" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-284-1024x244.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-284-300x71.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-284-768x183.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-284-750x179.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-284-1140x272.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2024/05/image-284.png 1414w" sizes="(max-width: 1024px) 100vw, 1024px">
 </figure>
</div>
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.
<h4 class="wp-block-heading">Conclusion</h4>
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.

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

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