Uniswap's UNI token has seen significant gains after the decentralized exchange rolled out its latest version on the Robinhood Chain, a Layer 2 network built by Robinhood Crypto. The chain is designed for automated and AI-driven trading, with Uniswap acting as the main Automated Market Maker (AMM) on it.
The news led to an 11.68% increase in UNI's price over the past 24 hours, with its trading volume rising by a whopping 94.42%. The wider crypto market also experienced a 1.56% bounce, contributing to the token's upward momentum.
On the daily chart, UNI appears to have completed an accumulation phase, with a recent break above a wedge pattern and a reclaimed 20-day EMA at $2.953. However, experts caution that a daily close below $2.90 would flip the picture back to bearish, invalidating any bullish setup.
Key levels to watch include the breakout zone of $3.30-$3.35, which needs to hold for a bullish setup, as well as the measured move target of $4.00 based on wedge breakout math. If UNI holds above $3.30, the setup remains intact, but a daily close below $2.90 would flip the picture back to bearish.