On Monday, the Uniswap (UNI), the DEX token price rose 14.90% to an intraday high of $26.26. The rise in UNI/USD over 50% comes only a day after it fell to a monthly low of $17.63. As a consequence, it has generated more than 48% profit for dip purchasers in the previous 24 hours.
<h2>Uniswap (UNI) Rises Over 50%, FOMO Results In The Adoption of DEX</h2>
After plummeting last week as a result of China’s decision to upgrade its anti-Bitcoin (BTC) and cryptocurrency rhetoric, Uniswap (UNI) performed a strong recovery. 

Within Uniswap’s <a href="https://www.cryptoknowmics.com/news/the-sec-investigation-report-mentions-the-uniswap-token/">decentralized exchange</a> (DEX) environment, UNI acts as a governance token. As a result, its holders have the right to vote on issues that affect DEX’s platform’s future development. 

UNI holders may also be eligible for future revenue sharing. For the uninitiated, Uniswap's governance contract includes a "fee switch," which, when engaged, allows UNI holders to receive a portion of the protocol's fees.

Some users currently make money by contributing to Uniswap's asset pools, earning between 0.05 and 1% of the value of each trade in the present edition.

The potential of Uniswap's development as a DEX might also entail a steeper UNI adoption curve. China's escalating <a href="https://www.cryptoknowmics.com/news/chinese-regulators-intensify-crackdown-against-cryptocurrencies/">assault</a> on the crypto sector has increased the attraction of tokens among speculators. 

Crypto transactions were declared unlawful by the People's Bank of China (PBoC) and other government entities.

[embed]https://twitter.com/CryptoWhale/status/1441948158913875973[/embed]

Uniswap is a decentralized trading platform based on smart contracts and multi-signature technology that intends to replace the custodial asset model with a non-custodial asset model. 

Its recent surge coincided with comparable rallies in its top rivaling DEX tokens, implying traders' sudden FOMO for its DEX competitors. 

On a 24-hour adjusted period, the DEX index, which consists of 60 assets, was up 10.27% around 12:05 UTC. 

Meanwhile, the gains of 13 centralized exchange tokens, including Binance Coin (BNB) and FTX Token (FTT), were 0.77%.
<h2>Technicals At UNI</h2>
Prices for UNI have been falling along a parallel declining channel that seems to represent the "handle" of a <a href="https://www.investopedia.com/terms/c/cupandhandle.asp" target="_blank" rel="nofollow noopener">classic cup-and-handle technical pattern</a>.

When an asset develops a rounded bottom (cup) while correcting following a strong run higher, the setup is formed. 

After completing the pattern, it tends to move downward in a descending channel range, which usually leads to an upward breakout.

By rising in this manner, the asset establishes its bullish goal at a distance equal to the depth of the cup.

The Uniswap coin is preparing to break out of its falling handle channel range. A profit goal of $17.83 has been established above the cup's resistance level of $48.54. When it comes to creating a cup-and-handle design, UNI checks virtually every box.

Uniswap (UNI) Rises Over 50% in 24 Hours as China's Crypto Ban Promotes DEX Tokens

The Uniswap (UNI), the DEX token price rose 14.90% to an intraday high of $26.26. The rise in over 50% comes only a day after it fell to a monthly low of $17.63.

Kavya Barua is a voracious learner who is fascinated by crypto and Fintech advancements. Graduated from Janki Devi Memorial College's B.A (Hons) English program at the University of Delhi. She aspires to be a successful professional, having a keen interest in learning and achieving results.

Uniswap (UNI) Rises Over 50% in 24 Hours as China's Crypto Ban Promotes DEX Tokens

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