2024

Uniswap

Reversal

Uniswap Price plunged over 2% during the U.S. trading hours on Wednesday. The renewed supply pressure has stalled Bitcoin’s recovery at $57000, indicating that the prevailing bearish momentum persists. These coming weeks will be crucial for crypto investors to identify whether the market correction has bottomed.
<h2 id="b-uniswap-foundation-q2-financial-snapshot-b">Uniswap Foundation Q2 Financial Snapshot</h2>
The non-profit organization Uniswap Foundation recently released its Q2 2024 financial report, revealing substantial financial health and strategic allocations. As per the <a rel="noopener noreferrer nofollow" href="https://uniswapfoundation.mirror.xyz/tfK6mZ0Csxq2TOTcSiRZowMkoPl5NWnW8z2dUxsVAZk/">Blog post</a>, the Foundation held $36.81 million in USD and stablecoins and 0.68 million UNI tokens on June 30, 2024.&nbsp;
The funds are designated for various purposes, including $26.12 million for grants. Of this, $22.46 million is earmarked for initiatives planned for 2024-2025, while $3.66 million covers commitments from previous periods. Additionally, operational expenses are projected to total $10.69 million through 2025.
<figure id="attachment_211424" aria-describedby="caption-attachment-211424" style="width: 100%" class="wp-caption aligncenter"><img decoding="async" class="size-full wp-image-211424" src="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_22-52-10.png" alt="Q2’2024 Grants Committed and Disbursed" width="651" height="637" srcset="https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_22-52-10.png 651w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_22-52-10-300x294.png 300w, https://coingape.com/wp-content/uploads/2024/08/image_2024-08-07_22-52-10-150x147.png 150w" sizes="(max-width: 651px) 100vw, 651px">
 <figcaption id="caption-attachment-211424" class="wp-caption-text">
 Q2’2024 Grants Committed and Disbursed
 </figcaption>
</figure>
In Q2 2024, the Foundation committed $3.22 million to new grants and disbursed $2.48 million to ongoing projects. Operating expenses for the quarter amounted to $1.6 million, reflecting the Foundation’s commitment to maintaining a lean yet effective operation. The Foundation also generated $0.19 million in revenue from dividends and interest.
<h2 id="strong-uniswap-price-signals-bullish-reversal-strong">Uniswap Price Signals Bullish Reversal</h2>
Since mid-June, the <a href="https://coingape.com/price/uniswap/" rel="noopener noreferrer nofollow">Uniswap price</a> has recorded a steady correction trend in the daily chart. The bearish turnaround plunged the asset from $12 to $4.7, accounting for a 60% loss. The falling price has recently witnessed renewed demand pressure at $5, a level back by the lower trendline of the falling wedge pattern.
This pattern is formed by converging downward trendlines, typically suggesting a slowdown in selling momentum.
The <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">Relative Strength Index</a> (RSI) indicator’s plunge to the oversold region of 28% should attract dip buyers to the market. If the recovery sustains, the UNI price could rise to 43% to challenge the wedge pattern resistance at $8.3.
<figure style="width: 100%" class="wp-caption alignnone"><img decoding="async" src="https://s3.tradingview.com/snapshots/c/CE7j5Sv0.png" alt="Uniswap Price" width="1814" height="755">
 <figcaption class="wp-caption-text">
 UNI/USDT – 1d Chart
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</figure>
On the contrary, the <a href="https://coingape.com/glossary/rsi-relative-strength-index/" rel="noopener noreferrer nofollow">Bollinger band</a> indicator channeled on the downside indicates that the sellers are dominating this asset’s movement. A potential breakdown from the lower trendline will intensify the supply pressure and could plunge the Uniswap price 32% to seek support at $3.8.
The post <a href="https://coingape.com/markets/uniswap-price-5-post-q2-financial-report-rebound/" rel="noopener noreferrer nofollow">Uniswap Price Holds $5 Support Post-Q2 Financial Report; Rebound Ahead?</a> appeared first on <a href="https://coingape.com" rel="noopener noreferrer nofollow">CoinGape</a>.

Uniswap Price Holds $5 Support Post-Q2 Financial Report; Rebound Ahead?

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