Uniswap Price Up by 39% Due to Robinhood Chain Fees

Uniswap price appreciated 39% over the week, breaking $4.5710 with a bullish trend towards $6.36. zone
Robinhood Chain was responsible for Uniswap fees with $78.73 million earned through trading in the last 30 days. higher
The RSI of UNI increased to 80.94 with its price increasing above important averages, approaching the $6.36 level.

The Uniswap price has climbed sharply over the past week as the decentralized exchange token recorded a 39.39% gain to reach around $6.20.

The move followed a technical breakout above the previous resistance level at $4.5710 and placed UNI near a key Fibonacci extension at $6.36.

At the same time, activity on Robinhood Chain has emerged as a major source of Uniswap trading fees, with the exchange processing most of the chain’s decentralized exchange volume.

Uniswap Price Holds Above Key Technical Breakout

Uniswap broke above the previous resistance at $4.5710 before advancing to approximately $6.20. The move established the former resistance area as a major support reference and placed the token above several technical indicators.

The daily chart shows UNI trading at $6.1920, representing a 5.79% gain for the session. Another chart reading placed the token at $6.2068, up 6.04%.

Bollinger Band data shows that UNI moved above the upper band at $6.1554. The 20-day simple moving average stood at $4.4237. Trading above the upper band reflects the strong upward move recorded during the session.

Source: Trading View

The Relative Strength Index stood at 80.94. That level was above the 70 threshold generally used to identify overbought conditions and indicated that the recent price movement had become extended in the short term.

Uniswap Price Approaches $6.36 Fibonacci Resistance

The exponential moving averages also showed a bullish alignment. The 20-day EMA was at $4.74, followed by the 50-day EMA at $4.17, the 200-day EMA at $4.00 and the 100-day EMA at $3.86.

The 20-day EMA had a steep upward slope as UNI continued to advance. The positioning of the moving averages placed the shorter-term average above the longer-term averages.

UNI had also moved beyond the 1.618 Fibonacci extension at $5.23. The next major level identified on the chart was the 2.618 extension at $6.36. At the current level, the technical indicator comes next after UNI is trading near that level.

The UNI price has also increased twofold since August 14 per the provided market data.

Robinhood Chain as a Major Contributor to Uniswap Fees

The recent movement of UNI comes amid an increase in activity of Robinhood Chain. The total volume traded on the network in August reached $17.99 billion, which is a 26% increase compared to July.

Most of that volume was contributed by Uniswap. On September 1, Robinhood Chain saw $1.95 billion volume in decentralized exchanges, out of which $1.75 billion was traded on Uniswap pools.

Moreover, the change in trading intensity should be noted. Wallets on Robinhood Chain increased 22% from August 1, while trading volume increased 7.9 times. The figures indicate that volume expanded substantially faster than the number of wallets.

Source: Be{In}Crypto

Uniswap collected $78.73 million in trading fees from Robinhood Chain over a 30-day period. That amount represented 66% of Uniswap’s earnings across 47 chains during the same period.

Uniswap Price Momentum Faces Short-Term Technical Test

The Uniswap price remains above the previous $4.5710 resistance level and the major moving averages listed in the daily technical data. However, the RSI reading of 80.94 places the token above the stated overbought threshold.

The $6.36 Fibonacci extension represents the next major resistance level identified in the supplied chart data. Meanwhile, $4.5710 remains the key structural breakout level, with the 20-day EMA at $4.74 providing another technical reference.