The cryptocurrency market has recovered from its previous slump and most coins and tokens are now traded 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 a total market cap now above $1 trillion.
Bitcoin is looking at the USD 23,500 resistance level after adding more than 7% to its value in the past few hours. Ether, the second largest cryptocurrency by market cap, is trading above $1,600 per coin, up more than 10% today.
However, UNI, the native token of the decentralized Uniswap exchange, is one of the best performing in the top 20 cryptocurrencies by market capitalization. UNI is up more than 22% in the last 24 hours and could rise even higher in the coming hours and days.
The rally comes after Wemade, a South Korean gaming and blockchain company, announced on Wednesday that they will 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 to create a pair pool on Uniswap.
Main levels to watch
The UNI/USD 4 hour chart is bullish as Uniswap has performed very well over the past 24 hours.
The MACD line is deep in the positive territory, indicating bullish momentum. Meanwhile, the 14-day relative strength index of 71 shows that UNI could soon enter the overbought region.
At the time of writing, UNI is trading at $8.23 per coin. If the rally continues, UNI could rise past the $9 resistance level before the end of the day.
Uniswap would need the help of the broader crypto market to break past the $10 mark for the first time in over a month.