The price of Uniswap token has shown significant growth recently, but signs emerge indicating a possible pullback. Let's examine the price dynamics and current metrics.
Uniswap Price Dynamics and Market Indicators
On July 8, Uniswap's token price (UNI) reached $7.5485, rising 67% from the low in April, leading to a valuation of $4.7 billion. However, with an increase in UNI supply on exchanges up to 85.6 million, there is a risk of price decline.
Unichain Metrics and DeFi Growth
The Unichain network, launched in March, is showing steady growth, processing over $366 million in transactions over the past 24 hours and strengthening its position in decentralized finance. The total value locked in DeFi Unichain has increased by 28% over the past 30 days, reaching $1.17 billion.
Technical Analysis of Uniswap Price Chart
The daily chart indicates that UNI's price has fallen from its 2023 high of $19.44 to the current $7.53. Bearish signals are noted by the MACD indicator and the formation of a rising wedge pattern, suggesting a likelihood of decline to $4.60.
Despite the recent price increase of the Uniswap token, technical indicators and the overall market suggest a risk of pullback. Meanwhile, the Unichain network is showing positive metrics, which may foster long-term interest in the token.
