Uniswap's UNIUSD Soars Over 20%: Buy the Dip as Bullish Momentum Builds

UniswapX Protocol is a non-custodial Dutch auction-based trading protocol implemented for the Ethereum Virtual Machine. UniswapX aggregates both on-chain and off-chain liquidity, internalizes MEV in the form of price improvement, offers gas-free swaps, and can be extended to support cross-chain trading.

Recent news-

Uniswap, a leading decentralized exchange, is making exciting updates in the DeFi space. Users can now buy cryptocurrencies using their Venmo balance through a new partnership with MoonPay, making it easier for newcomers to join. They also introduced permissionless cross-chain bridging, allowing users to move assets between different blockchain networks. Uniswap launched the World Chain, enabling token swaps on its platform, and introduced Unichain, an Ethereum Layer 2 solution to speed up transactions and lower costs. Additionally, a security competition was announced for its upcoming v4 release, with a $2.35 million prize pool to improve protocol security. Overall, these developments show Uniswap's dedication to enhancing user experience and adapting to market needs.

UNIUSD was one of the best performers in this week

Any daily close above $17 confirms further bullishness.

UNIUSD  showed a massive jump of more than 20% today.  The pair holds well above the short-term (34 and 55 EMA) and long-term moving average. It hit a low of $9.47 and is currently trading around $8.80..

The bullish invalidation can happen if the pair closes below $5.80. On the lower side, the near-term support is $8. Any break below targets$7.37/ $6.38/$5.80.

The immediate resistance stands at around $10. Any breach above confirms a minor pullback. A jump to  $12/$14/$17/$20 is possible. A surge past $20 will take it to $25/$30.

It is good to buy on dips around $8 with SL around $6.37 for TP of $14.