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• Uniswap has overtaken Ethereum in daily user fees 

• UNI token has surged 26% in the previous week

• UNI Breaks above the $6 resistance

Uniswap’s UNI is likely one of the tokens main the crypto restoration in the 12 months’s second half, due to community growth. According to data from CoinMarketCap, UNI has surged 26.6% in the previous week alone and 35% in the previous month. Currently, the token is buying and selling at $6.17, with the basic and technical outlook in favor of the bulls.

Uniswap is a decentralized crypto alternate that’s based mostly on Ethereum. The DEX makes use of an automatic market maker system as a substitute of the standard order e-book. The platform has grown to change into the world’s largest DEX. The alternate is powered by a UNI token that provides user governance rights.

Uniswap surpasses Ethereum in user fees

The newest Data from Crypto Fees reveals that Uniswap is forward of Ethereum with $2.5 million in daily user fees forward of Ethereum’s $2.4 million. The surge in fees is linked to the low-cost transactions in the DEX in comparison with the fuel fees paid in Ethereum. This is regardless of the latter internet hosting extra blockchain tasks in comparison with the previous. Uniswap fees are paid to the liquidity suppliers, whereas the Ethereum fees are paid to PoW miners.

UNI trades barely above the $6 resistance

Source: TradingView

A better take a look at UNI technical outlook reveals that the token is poised for a bull run. UNI has moved from the $3.3 help to commerce at round $6.16 resistance. The 20-day and 50-day transferring averages are providing help from beneath. Another bullish indicator in UNI is proven by the RSI studying. Although the metric is near the overbought zone, it has not breached the extent, and additional upside will be seen.

Summary

Although Uniswap is flashing bullish alerts, a retracement is imminent earlier than an additional enhance will be seen. A worth across the $5.3 help will current a super entry-level. Nonetheless, UNI stays an excellent token to carry with its sturdy basic features. Decentralized exchanges are gaining adoption, and with the growing variety of customers, the UNI token will stay on an upward trajectory.