Uniswap is a leading decentralized exchange built on the Ethereum blockchain and has experienced a price surge for its native crypto - UNI. UNI has recently surpassed $10 fuelled by over 9% increase in the last 24 hours

According to the latest market data UNI token is currently trading at $10.71 and with a market cap of $6.4 billion ranking it as the 18th largest crypto by market cap. The 24-hour trading volume stands at $270 million, though it’s a 21% decrease in the same timeframe

The Uniswap Foundation announced the postponement of the highly anticipated vote on UNI staking and delegation rewards which was originally scheduled for May 31st. This decision was made due to a concern raised by a stakeholder requesting a thorough review and examination of the proposal.

Erin Koen who is the lead official overseeing the Uniswap DAO governance forum emphasized the importance of rigorous vetting for the proposed upgrade due to its sensitive and irreversible nature ensuring that the process undergoes thorough scrutiny before proceeding.

In addition, Uniswap has achieved a remarkable milestone in its Layer 2 (L2) volume. In just three months the Uniswap Protocol has reached an all-time high of $300 billion in L2 volume, a thing that took 22 months to reach $100 billion and 10 months to reach $200 billion.

Also, over 3.5 million addresses have swapped on multiple chains using the Uniswap platform highlighting its growing adoption and popularity.

In other news Uniswap Labs announced the acquisition of Crypto The Game (CTG) on June 10th. As part of this acquisition the CTG team will join Uniswap Labs to continue their work on the highly anticipated Season 3 of the game and experiment with on-chain activations for the Uniswap community.

UNI price action has been great in 2024 so far. The token saw a massive surge at the beginning of the year surging from a low of $5.531 on January 22nd to a high of $17.033 as seen in our previous report,  representing a 207% increase in just 67 days. However the price then dropped by 65% creating a new low of $5.531.

Since then UNI  has been on a bullish trend breaking out of structures and retesting them to the upside, creating new higher highs. On June 11th the price retested the broken out ascending trendline for the second time and continued its surge.

Currently UNI  is targeting the $11.7 resistance level where it has faced rejection twice in the past. If the bulls can turn this level into support successfully, then price could potentially test the immediate targets and resistances at $13.3, the upper ascending trendline and even the high of $17, if a breakout is seen at the $11.7 zone.

The daily Relative Strength Index (RSI) stands at 56 indicating bullish momentum and with room for further upside movement. Additionally, the Exponential Moving Averages (EMA) for 50, 100 and 200 periods are below the current market price showcasing bullish momentum at $8.8, $9.9 and $8.5 respectively.

Changelly analysis expect that by the end of summer 2024 the UNI price will be around $22.29. However they state in November 2024, the Uniswap cost may drop to a minimum of $12.63.