Uniswap Unwraps Upsurge: UNI Unearthed Potential of a $30 Target

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Uniswap (UNI) is trading with a bullish bias, with the price action marking higher highs and higher lows since early in the month. Currently valued at $4.437, the altcoin is testing the $4.540 resistance level, with strong bullish fundamentals hinting at a solid move north.

Uniswap is a decentralized exchange (DEX) with the native token UNI. The DEX has merited for the top position on volume metrics to build on the Coinbase incubator Base. Here, it boasts more than $46 million in weekly trading volume.

1/ One month since launch, Uniswap is the top DEX by volume on @BuildOnBase with over $46M in weekly trading volume.

Let the liquidity flow! pic.twitter.com/pJVhWhvewp

— Uniswap Labs 🦄 (@Uniswap) September 5, 2023

Since the Merge, the Uniswap ecosystem has had a solid competitive edge over other Ethereum contracts. Among these advantages is a rigorous token-burning mechanism, with up to 5X more than its network peers. While you would expect this to translate into more fees, it doesn’t, mainly when the network is busy. On the contrary, e DEX provides a cheaper alternative, achieved through gas-free swapping.

1/ We all know Uniswap 🔥 a ton of ETH — in fact, 5x more than any other contract on the Ethereum network since the Merge.

That can mean high fees when mainnet is busy 💸

UniswapX is providing a cheaper alternative with gas free swapping pic.twitter.com/CfixTjdWKK

— Uniswap Labs 🦄 (@Uniswap) September 6, 2023

The gas-free swapping element comes as users looking to swap reserve the option to swap an off-chain order. In turn, fillers submit this off-chain, paying gas for transaction completion. Notably, while the fillers price gas fees into the swap price, they can lower costs simply by bundling multiple orders to compete for the best price.

2/ How is UniswapX gas free? ⛽ 🆓

Swappers sign an offchain order, which is submitted onchain by fillers who pay gas to complete the transaction 🔏

Fillers price gas fees into the swap price, but can lower costs by batching multiple orders to compete for the best price 🤝

— Uniswap Labs 🦄 (@Uniswap) September 6, 2023

Another bullish fundamental for the Uniswap ecosystem is the version 4 (V4) launch following the Dencun upgrade.

📢 @Uniswap $UNI has announced the launch of Uniswap V4 after the Dencun upgrade!

The #Ethereum Cancun upgrade is currently undergoing testing on the testnet. Uniswap v4 brings a host of improvements to the popular decentralized exchange protocol.#Uniswap #Uni #ETH #Crypto pic.twitter.com/98puJfMzfV

— BNB Swap (@BNBSwap) September 7, 2023

It brings many improvements to the DEX, even as the Ethereum Cancun upgrade continues with its testing phase.

Uniswap Class Action

Judge Katherine Polk Failla of the Southern District of New York (SDNY) recently dismissed the putative class action against Uniswap protocol.

BREAKING 🚨: Class action lawsuit against #Uniswap has been dropped.

Judge says $UNI is not liable for "scam tokens". pic.twitter.com/7hlZCBCUHQ

— Wise Advice (@wiseadvicesumit) August 31, 2023

It happened that users filed a case against Uniswap DEX, claiming it was dealing with securities touted as digital assets. Specifically, the plaintiff accused the DEX of violating the securities laws, questioning its tokens’ legitimacy. The plaintiff comprised Nessa Riley, among others, who claimed to have lost $10,400 simply because the DEX did not investigate the assets it was offering. As such, users were left vulnerable to swindles. Besides securities law violations, therefore, Uniswap DEX was also accused of running a “pump-and-dump” scheme.

The case concluded on August 30 after several court proceedings over the months. Judge Failla dismissed the case, saying:

Uniswap Price Forecast As UNI Uptrend Builds

Uniswap price is moving north, steadily increasing as momentum indicators show optimism. Increased buying pressure could soon see the altcoin overcome the $4.450 resistance level. A break above this supplier congestion zone would clear the path for UNI to test the fair value gap at $5.096. The 50-day Exponential Moving Average (EMA) marks this.

A test of this block would see Uniswap price fill the inefficiency. Potentially, it could escape north by breaching the $100-day EMA at $5.284 or higher to the 200-day EMA at $5.539. In a highly bullish case, UNI could extrapolate its gains to breach the $5.944 resistance level or, in highly ambitious cases, tag the range high at $6.514. This would represent a 45% climb.

Meanwhile, momentum indicators favor this directional bias, with the Relative Strength Index recording higher highs than the UNI price. This shows that rising momentum is driving the uptrend. In the same way, the Awesome Oscillator (AO) has managed to maintain a steady streak of green histogram bars, suggesting bullish dominance that favors the upside.

Conversely, early profit takers could cut the ongoing climb short, sending Uniswap’s price towards the immediate support level at $4.031. This could see UNI collect buy-side liquidity resting below this level, indicated by the red candlestick wick recorded on June 10.

While UNI continues to navigate its way up, buy WSM, the native token for the Wall Street Memes ecosystem. The token is due for listing in less than three weeks, which means the window is closing fast for interested investors. Hurry if you do not want to miss out on presale discounts.

UNI Alternative

Wall Street Memes tokens retail for $0.0337 per WSM, barely 20 days before the price increases. So far, the project has collected $25 million in presale sales.

Another exciting development in the Wall Street Memes project is the new staking feature, intended to achieve price stability. The staking product also aims at drawing in more investors to capitalize on this passive income earner. Such a move has been instrumental in growing the network while delivering more sustainability.

The steady rise in WSM price across the presale has been commendable, pointing to the resilience and commitment of the team. For a chance to join the WSM community, buy WSM at current prices for early entrant profit once the WSM token is listed on tier-one exchanges.