- Uniswap price has jumped sharply as V3 turns three.
- It also jumped as other cryptocurrencies bounced back.
- Technicals on the daily chart point to more downside.
Uniswap price popped to the highest level since April 30th as demand for the token rose and as the V3 turned 2 years. UNI token rose to a high of $5.5, which was about 6.6% from the lowest level this week. This jump gave it a market cap of over $3 billion.
Uniswap volume rising
Uniswap is one of the best-known decentralized exchanges (DEX) in the world. It is a platform that makes it possible for people to trade all crypto tokens in a decentralized manner. It differs from centralized exchanges like Binance and Kraken that are controlled by individuals.
It is unclear why the UNI token jumped on Friday. A likely reason is that investors are cheering the fact that V3 has turned a year older today. V3 was the most important upgrade in Uniswap’s history since it introduced concentrated liquidity and multiple fee tiers. In all, V3 has processed over 90 million transactions and handled over $1 trillion in volume. It has been used by more than 550k users.
Data compiled by CoinMarketCap shows that V3 on Ethereum handled transactions worth over $900k in the past 24 hours, a 25% increase from the same period. Uniswap V2 handled $580 million while V3 on Arbitrum handled $283M. These numbers make Uniswap the biggest DEX in the world and its not even close.
Read more: How to invest in Uniswap.
Uniswap also jumped as other cryptocurrencies rose. Bitcoin moved to $29,300 while Ethereum price jumped to $1,951. Other popular altcoins like Cardano, Polkadot, and Tron also jumped. Historically, UNI jumps when other coins are rising.
Uniswap price prediction

The daily chart shows that UNI price has been moving downwards after it peaked at $7.60 in February. It has now fallen by more than 28% from the highest point this year. The token has also moved below the 50-day moving average. It also bounced above the key support point at $5.27, the lowest point on March 11.
Therefore, I believe that UNI has more downside in the coming days. A break below the support at $5.27 will signal that there are more sellers in the market. If this happens, the next level to watch will be at $4.70, the lowest point on November 8 of last year. A move above the resistance at $6 will signal that there are more buyers left in the market.