Uniswap’s governance token UNI has been on a remarkable comeback, trading above $7.46 as of Tuesday, showing a 70% increase from its yearly low of $4.551 on April 7. This surge marks the seventh weekly gain in the past eight weeks, signaling a strong recovery for the token. UNI is now trading above key resistance levels that previously hindered its recovery attempts.
The current market structure indicates a bullish reversal, with a prolonged downtrend giving way to sharp rebounds, strong support levels, and an overall improvement in sentiment towards Uniswap’s governance and market role. Despite a sharp drawdown earlier in the session, buyers quickly stepped back in, establishing a new support base in the $7.14–$7.17 range.
This support zone now acts as the lower boundary of UNI’s recent trading range. The recent rally saw the token surpass previous local highs, even though there was some intraday profit-taking around the $7.52 mark. The consistent pattern of higher lows and significant volume near crucial inflection points suggests a potentially sustainable uptrend, although a decisive break above $7.60 would likely be needed to confirm a full shift in momentum.
In terms of technical analysis, UNI traded within a 24-hour range of $0.650, fluctuating between $7.142 and $7.792, showcasing an 8.7% intraday volatility. A sharp sell-off hit a low of $7.142 during the 10:00 hour, with volume spiking to 3.96 million—78% above the daily average. The subsequent hour saw volume increase to 4.69 million as buyers entered the market, triggering a V-shaped recovery.
By 15:00, the price had reached $7.578 before facing resistance and undergoing temporary consolidation. At 17:33, UNI dipped to $7.37, only to surge between 17:37 and 17:39, with volume rising to nearly 3 times the hourly average. The price peaked at $7.53 during the 18:00 candle with a volume of 162K, representing a 5.8% gain from the hour’s low.
Despite some profit-taking near $7.52, the price action remained above the mid-range, extending the recovery into a more defined uptrend. The technical indicators point towards a potentially sustainable bullish trend for UNI, although further confirmation through a break above $7.60 would solidify this outlook. The Bullish group, which is majority owned by Block.one, has significant holdings in various blockchain and digital asset businesses, including Bitcoin. Block.one, a prominent player in the blockchain industry, has a strong interest in digital assets and has made substantial investments in this space.
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Climate change is a pressing issue that is affecting various aspects of our world, including global food security. As temperatures rise, weather patterns become more unpredictable, and natural disasters become more frequent, the impact on food production and distribution is becoming increasingly severe.
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