Here is why Uniswap is up by 22% in the last 24 hours

The cryptocurrency market has recovered from its earlier slump, and most coins and tokens are now trading in the green zone.

The cryptocurrency market is trading in the positive zone for the second-consecutive day this week. The market has added more than 7% to its value in the last 24 hours, with the total market cap now above $1 trillion.

Bitcoin is eyeing the $23,500 resistance level after adding more than 7% to its value over the past few hours. Ether, the second-largest cryptocurrency by market cap, is trading above $1,600 per coin, up by more than 10% today.

However, UNI, the native token of the Uniswap decentralised exchange, is one of the best performers amongst the top 20 cryptocurrencies by market cap. UNI is up by more than 22% in the last 24 hours and could rally higher over the coming hours and days.

The rally comes after Wemade, a South Korean game and blockchain company, announced on Wednesday, that they are set to provide liquidity on Uniswap. 

Wemade had created the WEMIX/USDC pool in Uniswap V3, in which 0.8 million WEMIX and additional USDC worth 0.8 million WEMIX tokens were used for creating a pair pool on Uniswap. 

Key levels to watch

The UNI/USD 4-hour chart is bullish as Uniswap has been performing excellently over the last 24 hours. 

The MACD line is deep within the positive region, indicating bullish momentum. Meanwhile, the 14-day relative strength index of 71 shows that UNI could soon enter the overbought region.

At press time, UNI is trading at $8.23 per coin. If the rally continues, UNI could surge past the $9 resistance level before the end of the day.

Uniswap would need the help of the broader crypto market to make a move past the $10 mark for the first time in more than a month.