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Uniswap’s token has gained by 12% in 24 hours
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The protocol’s liquidity providers faced a phishing attack on Monday
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Uniswap has now escaped the consolidation zone and eyes higher levels
Uniswap’s UNI/USD has risen by 12 % in the last 24 hours, according to CoinMarketCap. The gains come amid slight recoveries in crypto after inflation data stoked markets. We believe Uniswap has a long way to recover. However, the latest gains will be sustained in the next few days.
The gains in Uniswap come amid a suspected phishing attack on its v3 protocol liquidity providers. The attack, which occurred on Monday, led to the loss of around $4.7 million ETH tokens. ERC20 tokens and NFTs were also stolen in the sophisticated attack. Uniswap crashed by almost 10% following the attack. Uniswap’s development team clarified that the phishing attack was not caused by an error in the protocol.
Uniswap starts an uptrend after escaping a consolidation zone
Source – TradingView
Uniswap’s token bottomed at $4.7. The price crashed below it temporarily but recovered. The latest gains push the price above the bottom level, raising a bullish case for the token. MACD indicators are bullish too. The MACD line crossed above the moving average, indicating a bullish trend. The 14-day and 21-day moving averages have joined a support for the Uniswap token. We believe the cryptocurrency offers opportunities in the short and long term.
In the short term, the Uniswap token has an established resistance at $8.0. Investors should consider holding up to the level. However, the token could face a minor correction at $6.1. Investors can buy at the 14-day or $21-day moving averages. In the long-term, investors should hold Uniswap to lock value at the bottom price.
Summary
Uniswap’s token is starting a bullish rally after overcoming a consolidation level. The cryptocurrency will continue rising but may face resistance at $8.0. Investors can hold in the short term to the resistance or long-term.