Leading DeFi platform Uniswap is one of the biggest gainers in the crypto market in early trading on Monday, registering over 35% gains in the past 24 hours and rising to the 11th position based on its market capitalization. At the time of writing, UNI/USD is trading around $25.07.
Uniswap’s recent surge could be attributed to China’s latest ban on cryptocurrency trading and mining, which brings renewed interest in DEXs. DEXs like Uniswap allow for decentralized P2P transactions, which experienced a sharp spike in trading activity over the weekend after the PBOC came down hard against cryptos, terming almost all activities related to the sector as illegal.
On the fundamentals front, the bullish moves in Uniswap could be powered by its upcoming listing on tZero’s crypto app. The blockchain subsidiary of Overstock.com recently announced the addition of UNI as one of 15 cryptocurrencies and tokens on its platform, letting its customers trade the token on its platform.
Meanwhile, Sunday was a busy day for the world of DeFi tokens and Uniswap experienced the highest activity among digital assets. The soaring interest in DeFi continues to support the growth in Uniswap’s ecosystem, sending more users to trade on its platform and supporting the bullishness in the UNI token as a result.
In terms of adoption, Uniswap recently saw the launch of the QUASA token – Quasacoin (QUA) on its exchange. The QUASA platform aims to be the first cryptocurrency designed to tackle the challenge of unemployment, leveraging blockchain and AI technologies to revolutionize the way people seek workers for household services and errands.
Key Levels to Watch
Technical analysis of the 4-hour chart of UNI/USD reveals a strong bullish bias among moving averages as well as leading technical indicators MACD and momentum. Uniswap’s price is sitting above the pivot point at $22.12 and seems to be getting ready to test resistance at $26.73 soon.
If buyers break above this level, they could encounter resistance again at $29.41 before UNI goes past the $30 mark. Further increase in buying pressure can see the last resistance at $36.70 also being broken.
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