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Highlights
- Uniswap price bounce back likely as social discussion surges to one-year high.
- UNI's immediate resistance is $10 passing which could trigger a rally to $12 and more.
- Uniswap introduces cross-chain intents in partnership with Across.
On Wednesday, the Uniswap (UNI) price came crashing down soon after the U.S. SEC submitted a Wells Fargo notice to the decentralized exchange hinting at a potential lawsuit ahead. On Thursday, the UNI price reached a low of $8.8 but controlled any further price correction as the FUD around the altcoin seemed to subside.
Uniswap Price Bounceback Possible In Near Term
The latest on-chain data shows that despite the overly pessimistic narrative surrounding Uniswap, on-chain discussions around it have surged again which could lead to a price reversal on the upside.
As reported by on-chain data provider Santiment, Uniswap has faced a surge of fear, uncertainty, and doubt (FUD) among traders following the public disclosure of a warning issued by the SEC to Uniswap Labs regarding potential enforcement actions. This revelation has sparked a notable increase in discussions surrounding the UNI token, reaching its highest level in 15 months, accompanied by a significant spike in circulation.
Past occurrences have shown that assets experiencing a decline often exhibit a bounce-back effect in response to an overly pessimistic narrative. This trend mirrors previous instances such as the XRP saga with the SEC over the past few years. Notably, UNI’s market capitalization has seen a decline of 38% in the past month amidst these developments.
The UNI Price Action and Key Developments
As of press time, the Uniswap price is trading at $9.09 with a market cap of $5.44 billion. Currently, the UNI price is trading below the $10.00 mark and the 100 simple moving average over a 4-hour period. Immediate resistance lies around the $9.45 level, near the 23.6% Fibonacci retracement level of the recent downward move from the $11.79 swing high to the $8.72 low. The subsequent significant resistance area is around $10.25 or the trend line.
A decisive close above the $10.25 level could potentially pave the way for further upward momentum in the short term. In such a scenario, the next notable resistance level to watch out for is around $11.80. If the bullish trend persists beyond this point, the UNI token might target the $12.00 mark, with a possibility of extending gains toward $13.50.
Despite these regulatory challenges, Uniswap continues to focus on key developments ahead. Uniswap Labs has collaborated with Across, a cross-chain protocol, to introduce a novel standard for cross-chain intents.
Revealed on Thursday, this joint proposal aims to facilitate end-to-end interoperability among intent-based systems by leveraging a universal filler network. Cross-chain intents entail the transfer or interaction of assets and protocols across various blockchain platforms.
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