According to U.Today, Uniswap (UNI), a significant figure in the decentralized finance (DeFi) sector, has recently seen an 8% increase in its cryptocurrency. Crypto analyst Ali Martinez has suggested that this surge indicates a buy signal on Uniswap’s daily chart, potentially preparing traders for short-term corrections.
Martinez has highlighted that Uniswap’s recent price movement could be a sign of a 1-4 day surge. He specifically suggests that UNI could potentially rise to $10. The Fear and Greed Index also indicates that Uniswap’s investors are currently greedy at 66, with the price prediction remaining bullish. At the time of reporting, UNI was trading at $7.60, showing an increase of 8.5% in the past day. The trading volume also rose by 14% to $182.5 million.
Uniswap appears to be drawing in investors looking to protect their assets following a recent decline in Bitcoin’s price. Its importance in the DeFi ecosystem makes it a promising altcoin in the crypto market. However, Uniswap has recently faced regulatory challenges. The U.S. Securities and Exchange Commission (SEC) has notified the leading decentralized exchange of an anticipated enforcement action. Uniswap CEO Hayden Adams confirmed this news, expressing readiness to fight despite expressing disappointment with the regulator.
Uniswap has previously been under the SEC's scrutiny. In September 2021, The Wall Street Journal reported that the SEC was investigating the top DEX, with the agency's lawyers focusing on the exchange's advertising. Marvin Ammori, chief legal officer at Uniswap, criticized the SEC's Wells notice as “another abuse of power.” He argued that the regulator lacks authority over securities. The SEC is currently pursuing legal action against several major players in the crypto market.
