Uniswap rose 8% immediately after the Fed rate hike on Thursday.
Uniswap Foundation announced its first grant totaling $1.8 million for ecosystem growth.
UNI trades in a support zone.
Uniswap UNI/USD rose more than 8% before cooling off on Thursday. The increase coincided with a rise in trading volumes of more than 70%, despite a rate hike by the Fed. There was no specific driver for profit, although there were noticeable developments.
On September 21, the Uniswap Foundation announced the first batch of its grants. According to the Foundation, a total of $1.8 million in grants will go to 14 recipients. The grant is part of Uniswap’s action to grow the ecosystem. The move comes barely a month after the Uniswap community passed a proposal to set up the program. The grants are awarded to teams and projects that focus on three areas. These are community growth, governance and protocol growth.
It should be noted that Uniswap has been losing value since the Ethereum merger happened a week ago. The DEX, the largest in the world, has locked most of its funds on the Ethereum platform. The total value on Uniswap is $4.97 billion, with $4.77 billion on Ethereum.
Uniswap token recovers at a level at or slightly below support
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Source – TradingView
Turning to the technical side, UNI is trading in a $5.6 support zone. The trend remains bearish. The token is still under pressure as it has yet to recover above the support, which has now turned into resistance. A recent crossing of the 20-day MA below the 50-day MA increased bearish weakness.
UNI must successfully recover above $5.6 for intra-day gains to be considered sustainable. We need to watch the close of the daily candlestick to confirm a possible bullish reversal.