Uniswap, a rising DeFi token in the crypto market is the top performer in the last 24 hours. The fuel – Paul Atkins, the chairman of the US Securities and Exchange Commissions (SEC) supporting self-custody and American spirit of DeFi.
Paul Atkins Speec Triggers DeFi Rally
In the Fifth and Last SEC Crypto Roundtable, themed “DeFi and the American Spirit,” gave fuel to the Uniswap price rally. In the afternoon session on June 9, Chair Paul Atkins stated that the Commission may be looking at an “innovation exemption” for DeFi projects like Uniswap, which rekindled some demand for the token.
‘An innovation exemption could help fulfill President Trump’s vision to make America the “crypto capital of the planet” by encouraging developers, entrepreneurs, and other firms willing to comply with certain conditions to innovate with on-chain technologies in the United States.’ said Paul Atkins.
Uniswap Price Analysis
Uniswap (UNI) slipped over 4% on Wednesday, a release of some pressure after the token’s bullish 26% price surge that formed an engulfing candle. The token had briefly touched $8.67, a new three-month high, and has now come off from the $8.70 supply ceiling.
Uniswap price broke out above the inverse head and shoulders pattern, confirming the move with a strong bullish candle. The breakout was validated as UNI closed decisively above the neckline at $7.52. This signals a potential trend reversal and opens the path for further upside momentum.
From the technical standpoint, the indicators look bullish. The MACD gave a positive crossover signal, while the RSI at 67 is just entering near-overbought territory and sustaining bullish pressure. Meanwhile, both 50-day and 200-day EMAs curve upward in anticipation of a bullish crossover.
Short-term pullbacks could lead to a test of the 200-day EMA at $7.67, which coincides with a critical support zone at $7.69. If the buyers bounce in and greed stays on, expect Uniswap price to retest its resistance of $8.70.
However, a close below $7.67 coud jeopardizes another drop toward $6.90.
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