Uniswap Price Rebounds with 64.25% Increase in Open Interest: What’s Ahead?
The post Uniswap Price Rebounds with 64.25% Increase in Open Interest: What’s Ahead? appeared on BitcoinEthereumNews.com.
Uniswap Price Analysis: The second week of June witnessed aggressive supply pressure with most of the major cryptocurrencies, along with Bitcoin, triggering a fresh correction. However, the weekend remained relatively stable with the BTC price holding its ground above $65000, while ETH reclaimed $3500. However, the native cryptocurrency of Uniswap decentralized exchange neglected the market volatility and recorded a 14.5% price growth to hit $11.5 today. Also Read: Uniswap, Notcoin, and Algotech Catch Fire, Why are Investors Diving In These Altcoins? Uniswap Price Recovery and ZKsync Integration Fuel Investor Optimism Uniswap Price| Tradingview The Uniswap token price entered the current recovery trend on May 15th as its last correction trend bottomed at $6.73. This bullish turnaround uplifted the asset by 77% within three weeks to reach a high of $11.96. This upward trajectory has recently shifted sideways as broader market hints prolong consolidation within the BTC price dropped to $65000. The renewed supply pressure plunged the UNI price to $8.7 before it reverted immediately to indicate active accumulation during market dips. Amidst the recent recovery, Uniswap’s open interest has notably surged, with Coinglass reporting a jump from $89.21 million on June 12 to $146.5 million. This increase of approximately 64.25% indicates growing investor interest and possibly signals expectations of upcoming price movements or heightened market activity in Uniswap. Also Read: Uniswap (UNI) Price Gives Strong Breakout Above $10, How Far Will the Rally Continue? UNI Futures Open Interest| Coinglass In addition, Uniswap has recently integrated ZKsync into its platform. This update allows users to swap and provide liquidity on ZKsync directly through the Uniswap interface, benefiting from lower gas fees and faster transactions. This development should attract natural demand for the UNI token. An analysis of the daily chart shows the Uniswap price developing an inverted head and shoulder pattern…
Filed under: News - @ June 17, 2024 10:22 am