Uniswap (UNI) is trading at $4.85 after a massively successful launch. The digital asset started trading at around $3 before exploding to a high of $8.6, something that no one saw coming as the exchange has been airdropping UNI coins to all users of the platform previous to September 1.
Most investors thought this airdrop would simply tank the price of UNI in the short-term as the selling pressure from everyone that got free UNI tokens is certainly strong. Amazingly, the digital asset didn’t crash, and although it has been under a period of consolidation now, it’s still surprising to see UNI price holding at $5.
The 4-hour chart has created a possible symmetrical triangle pattern which is on the verge of a bullish breakout after the 12-EMA and the 26-EMA crossed bullishly. If UNI price gets rejected at the upper trendline, bulls will use both EMAs as support levels and then the lower trendline, currently sitting at around $4.2
On the 1-hour chart, a double top pattern could be forming, however, bulls have defended the 12-EMA support for now. The hourly uptrend is still intact and UNI is only facing a strong resistance level at $5, right where the upper trendline is located.
Uniswap Airdrop, Most Successful Ever?
The new UNI token has created a massive buzz in the crypto industry and the DeFi world. According to recent reports, more than 10,000 users claimed their tokens within three hours of the announcement.
UNI managed to reach almost $1 billion in market capitalization, despite the intense selling pressure. The digital asset still has around $1.5 billion in trading volume, however, its peak was a massive $6.1 billion number. This trading volume is insane considering that Ethereum will usually hit these numbers.
If you still haven’t claimed your UNI tokens, please follow our guide below as you could be missing out on some serious profit.