The Uniswap price is in a tight range as investors react to the volume happenings in the network. The UNI price is trading at $28.40, which is slightly above this week’s low of $25.80.
What happened: Uniswap is the fourth-biggest decentralized finance (DeFi) project in the world with more than $4.4 billion in total value locked (TVL). It is the biggest DEX, which helps people to trade anonymously.
Uniswap has been in the spotlight this week because of activities by Delta.financial, a protocol that helps to remove volatility from options trading by stabilizing liquidity. The protocol released a protocol that helped push total trading volume by more than $11 billion.
While that would have been a record high, the information was invalidated this volume. Therefore, analysts are starting to question the validity of statistics provided by Uniswap.
The daily chart shows that the UNI price has been in a tight range recently. It is trading at $28.38, which is slightly below the all-time high of $35.95. It has also formed what seems like and ascending triangle, which is usually a bullish sign. The price is at the same level as the 25-day exponential moving average (EMA).
In my view, the ongoing consolidation will likely remain in the near term. However, if bulls are able to hold above the ascending trendline, we should not rule out another move above the all-time high at $35.90.
