Uniswap’s UNI has been added to the cryptocurrency trading platform of Robinhood, according to a tweet from the broker and cryptocurrency exchange platform. Following the news, UNI’s price rallied more than 20% during intraday trading.
The token currently has a market capitalisation of £4.34 billion and is ranked #18 on CoinMarketCap. At the time of writing, it had surged by 13% over the last 24 hours. UNI has continued to flow into the hands of investors.
UNI reached a high of £6.3 early on July 15 during the trading session. Additionally, the amount of UNI tokens traded increased by 18.77% during the course of the past 24 hours on Friday.
The market capitalisation of the token increased throughout the period under consideration.
At press time, there was more buying pressure. The token’s RSI was at 67.40 on a daily chart, while the MFI was at 70.32.
The price of the token, which is currently at its January 2021 level, has been falling since May 2021. UNI was 44% below its all-time high, which was £71.4 in May 2021, at the time of writing.
Despite being added on Robinhood and experiencing a substantial price increase, UNI did not gain any traction on social media in the past 14 hours. There was a 54% decrease in its social volume. This metric was estimated to be 54 as of the time of writing.
However, UNI was able to increase its social dominance by 22% over the same period. This stood at 0.59% at press time.
Furthermore, unique addresses that transacted the token declined in number during the past 24 hours. At press time, the network’s daily active addresses had decreased by 74% to 364 addresses in the last 24 hours.
The aggregate amount of tokens across all transactions over the past 24 hours decreased from 20,33,000,000 to 2,57,000,000.
A bearish retracement usually comes on the heels of the RSI and MFI being deep in overbought territory. Therefore, caution is advised.