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Uniswap (UNI) Price Eyes $10 Mark Amid TVL and User Activity Surge
- Uniswap's TVL surged from $3.28 billion to $5.13 billion since April, with monthly active users doubling to 22.3 million, signaling increased confidence in the platform.
- UNI token rose 7% to $7.67 with daily trading volume up 70%, indicating strong buying momentum after a period of bearish pressure.
- Uniswap is showing signs of recovery as bulls make a comeback, potentially exiting a long-term downtrend, supported by technical indicators and on-chain data.
- On-chain data reveals Uniswap's improved metrics, with increased TVL suggesting growing user sentiment and confidence in the platform.
- Monthly active users on Uniswap surged to 22.3 million from 11.7 million in April, with enhanced engagement on social media platforms reflecting rising social sentiment.
- UNI is currently trading at $7.67 with a 7% gain, accompanied by a 70% spike in daily trading volume, demonstrating a bullish trend.
- Technical indicators like the Supertrend turning bullish and the RSI momentum building in favor of buyers suggest a potential turnaround for UNI price towards the $10 mark.
- A break above the 200-day EMA could lead to further gains for UNI, supported by increasing trading volumes and bullish divergence in the MACD histogram.
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