Uniswap Skyrockets 16% Making a 3 Month High. Time To Buy?

• Uniswap trading volume spiked 74% alongside a 45% price surge in a month.
• Exploitation of KyberSwap results in a $46.5 million asset loss.

The decentralized trading protocol Uniswap’s native token UNI has stormed into the spotlight, surging by a staggering 16% in just a day, reaching an impressive three-month high of $6.28 hours ago. This surge coincided with a remarkable 74% spike in trading volume, marking a significant milestone for the cryptocurrency.

The latest surge in UNI’s value comes hot on the heels of the launch of Uniswap’s Android wallet app, which features an integrated swap function directly within the application. This innovative move eliminates the need for a separate web browser extension, offering users a seamless decentralized exchange (DEX) experience.

While the app was initially rolled out in a closed beta phase on Oct. 12, its recent availability to the general public on Android has contributed to this upward trajectory. Notably, an iOS version of the app was introduced back in April.

However, amidst Uniswap’s triumph, the decentralized exchange KyberSwap faced a major setback as it fell victim to exploitation, resulting in approximately $46.5 million in lost assets. The exploit included a variety of assets such as 10,049 Wrapped Ether (WETH) valued at $20.78 million, 4,017 Wrapped staked Ether (wstETH) worth $9.53 million. And 3.98 million ARB tokens amounting to $4.1 million.

Notably, he reportedly deposited USDC with Aave and provided liquidity on Uniswap, expressing a willingness to negotiate with the KyberSwap team.

Bullish Signs for UNI Token

Analyzing UNI’s recent price movements, experts paint a bullish picture. The daily chart reveals the 9-day exponential moving average (EMA) currently positioned below the trading price at $5.4782. Nevertheless, the daily relative strength index (RSI) indicates a neutral condition, standing at 70.

UNI Price Chart, Source: TradingView

Market prospects suggest the potential for a fresh rally toward the $6.6841 mark, contingent upon the price surpassing the $6.436 level. Conversely, a downturn below the $4.5660 mark could potentially test the $3.990 support level.

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