With the official Unicorn logo, Uniswap is not threatened to dominate the decentralized exchange or DEX market on the Ethereum network.
Uniswap is a decentralized exchange protocol built into Ethereum in 2018 and more focused on ERC20 token conversion.
Not to be missed too, Uniswap has an automated liquidity protocol feature that allows its users to trade unhindered with high decentralization and filtering features.
As can be seen on the UNI/USDT price movement chart, the UNI price has jumped above 100% from the support level around the $ 18- $ 20 price after a sharp decline in May trading.
The surge has pushed the price of UNI to re-test the SBR zone (support become resistance) around the price of $ 27- $ 30 before the expectation for the price to soar higher.
For higher gains, the targeted price level is around $ 36- $ 38 which is the next SBR level before the price heads to the all-time high (ATH) level at the $ 45 price level.
If it meets the expectations of the increase, it will signal a change in trend to investors and indirectly will give confidence for the price to continue the bullish trend.
But investors also need to be vigilant, if the price movement returns to make a decline again. Support levels around $ 18- $ 20 will be the focus to be tested before assessing whether the zone is able to support more drastic price increases.
If the price of UNI makes a lower decline, the price level around $ 13 will be the next focus to be tested or will reach even lower levels.
As of 4.30pm local time, the UNI price slightly made a jump of over 2% to trade above the $ 27 price level.
