Uniswap Price News: UNI Seems Poised to Retest the $8 Level

In a recent X post, Uniswap showed that the DEX-to-CEX spot trading volumes metric reached a new record at around 25% in May.

However, the latest data from The Block, published just a few hours ago, indicates that DEX volumes have now more than doubled that percentage in the first three days of the month as DEX-to-CEX spot volumes now sit at 62%.

This metric has been on an uptrend since the pandemic and has been making new records lately as users have grown more accustomed to making trades on-chain rather than turning to centralized alternatives like Binance or Coinbase.

Traders Favored DEXs During Latest Rally

As more efficient and scalable blockchains like Solana (SOL) and Sui (SUI) emerged, the Ethereum network – the native blockchain of Uniswap – was forced to make changes to its infrastructure to stay competitive.

The Pectra upgrade will help decentralized exchanges offer more competitive fees and this should result in higher DEX volumes down the road.

In the past month, UNI has delivered gains of 34.6% while other DEXs like Pancake Swap (CAKE) and Jupiter (JUP) have also booked strong gains.

Traders have jumped back into the market after late April when the White House backpedaled from its decision to impose high tariffs unilaterally on all imported goods.

Since then, most cryptos have recovered a portion of the losses they experienced since their December – January peaks.

In the case of UNI, the token is still quite far from those levels and currently sits below its 200-day exponential moving average (EMA), meaning that it has not yet managed to fully reverse its downtrend.

UNI Could Retest $8 Level Soon

In a previous Uniswap price prediction, we shared a short-term target of $7.85 for the token after it retested a key area at around $5.5.

The price action got quite close to that target as UNI surged to $7.68 just three days later. However, the fact that the price did not get to tag the 200-day EMA is positive as the market will likely retest this key indicator to unlock further liquidity for the next big move.

Once again the price has retested our key zone after it rejected a move to the 200-day EMA and it has now bounced off that area and has gone up for three days in a row.

The next target could be revised to $8 as the market may aim to tag that psychological threshold in its next push as well. Hence, UNI still offers some decent upside potential.

The Relative Strength Index (RSI) still stands above 50, meaning that the uptrend is still strong enough to support a bullish outlook.

Heading to a lower time frame, we can see that UNI has temporarily encountered strong selling pressure at the $7 level.

This was also a key resistance during the latest push toward our $7.85 target. Hence, this is a key level to watch in the next 24 to 48 hours.

It appears that the price action has already rejected a move above this level. The $6.6 area seems to be the ideal area for a late entry at this point for traders who support a bullish outlook.

If the price gets to that level, it may raise the necessary liquidity to move past the $7 barrier as it did the last time.