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Uniswap price plunged 16% in the past 24 hours, trading at $9.31, and trading volume increased by 428% to $749 million.
This comes after the U.S. Securities and Exchange Commission (SEC) issued a Wells Notice against Uniswap, one of the largest decentralized finance (DeFi) platforms. A Wells Notice is a formal notification sent before a lawsuit is filed, giving the defendant time to refute the allegations.
Today, Uniswap Labs received a Wells Notice from the SEC.
We are ready to fight.
This is the latest political effort to target some of the most prominent players in the cryptocurrency space, including Uniswap and Coinbase.
All Uniswap products and the Uniswap protocol were not affected.
The specific nature of the SEC’s action has not been disclosed. Uniswap has vowed not to give in easily.
“I’m not surprised,” Uniswap founder Hayden Adams said in an April 10 post. “Just annoyed, disappointed, and ready to fight.” He expects the legal fight to “last years” and is prepared to take it “all the way to the Supreme Court.”
Uniswap price is below the lower boundary of the descending wedge chart
UNIUSD chart analysis source: Tradingview.com
Uniswap prices rose rapidly in November and December 2023, and then went through a consolidation phase in January, trading in the $6.0 range. However, by the end of February, the bulls won the upper hand, pushing the price to a yearly high of $17.
As the price experienced a downtrend within a falling wedge pattern, the bulls could not sustain their long stance and the price declined below the lower boundary of the falling wedge pattern eliminating the bullish outlook for the price.
UNI is trading below the 50-day and 200-day simple moving averages (SMAs), consistent with a price pullback.
Furthermore, the Relative Strength Index (RSI) has surpassed the 30 oversold level and is currently at 15, indicating that UNI is currently oversold, indicating strong selling pressure.
Uniswap Price Prediction
Uniswap price analysis shows that UNI is currently in a downtrend and the price has broken through the lower boundary of the falling wedge chart pattern. The falling wedge chart pattern acts as an important support for the bulls and helps to unfold a trend reversal.
In addition, the RSI has crossed into the oversold territory, which could signal the arrival of a price reversal as oversold assets provide an opportunity for longs to buy. If the bulls initiate a rally, the price could break out of the descending wedge pattern, with the immediate target set at $16.0.
However, the 50-day SMA formed a death cross at $11.86, indicating that UNI is likely to continue its downtrend. In this case, $7.2 is an immediate support against the downward pressure.
As Uniswap’s woes continue, investors are turning their attention to Solana’s star project, Smog, as it hints at a re-listing in the near future.
SMOG surges 17% after listing on CEX, becoming the best cryptocurrency in 2024
The SMOG token is built on the Solana chain and has achieved remarkable success in all aspects since its fair launch, especially after the MEXC listing.
We are very excited to announce that the crowdfunding campaign for @SMOGToken has ended and $SMOG will be listed on #MEXC!
Deposits: Open
SMOG/USDT Innovation Zone Trading: 2024-04-04 09:00 (UTC)
For more information, please see:
https://t.co/3ecyvrTv2n pic.twitter.com/kvgoFiYOib
— MEXC (@MEXC_Official)
April 4, 2024
Since being listed on MEXC, the token price has been on an upward trend, gaining 17% in the past 24 hours to $0.124 with a trading volume of $1.08 million.
Smog aims to become the largest Solana meme coin and has attracted a lot of attention through an exciting airdrop event on social media managed by Zealy.
The interactive, gamified event included community tasks to earn Q1 airdrop points and ended on April 3.
The second quarter, which is now underway, is more focused on transaction activity.
This strategy has been successful, with Smog having over 110,000 holders and 7.5 million completed Zealy tasks.
Out of a total supply of 1.4 billion tokens, 35% were used in what is being called the “largest airdrop in history.”
Smog also offers staking opportunities with an annualized yield (APY) of 42%, encouraging token holders to participate in the network and hold their tokens for the long term.
Buy or stake your ERC-20 $SMOG tokens on the official website and get a discount of 10% on our platform while the offer lasts.
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Smog (SMOG) - Meme Coin with Rewards
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