Will UNI rally higher after Uniswap launches NFTs on its network?

• UNI is up by less than 1% in the last 24 hours but could rally higher before the end of the day. 

• Uniswap announced a few hours ago that NFTs are officially live on its network. 

• The total crypto market is slowly inching closer to the $900 billion mark. 

NFTs are now live on the Uniswap network

UNI, the native token of the Uniswap decentralised exchange, is up by less than 1% in the last 24 hours. It is underperforming against the broader crypto market but could rally higher over the next few hours.

The positive performance comes a few hours after Uniswap announced that nonfungible tokens (NFTs) are officially live on its network.

1/ NFTs are officially live on Uniswap!! 🎨🦄

Starting today, you can trade NFTs across major marketplaces to find more listings and better prices.

We're also airdropping ~$5M USDC to historical Genie users

& offering gas rebates to the first 22,000 buyers. pic.twitter.com/OZXCydXydD

— Uniswap Labs 🦄 (@Uniswap) November 30, 2022

Uniswap revealed that its users can now trade NFTs across major marketplaces to find more listings and better prices. At launch, Uniswap said it would support the major NFT marketplaces, including OpenSea, X2Y2, LooksRare, Sudoswap, Larva Labs, X2Y2, Foundation, NFT20, and NFTX.

At press time, the price of Uniswapstands at $5.763 per coin. UNI is underperforming compared to the broader crypto market. The total crypto market cap stands at $860 billion, up by 1% today.

Bitcoin is also up by more than 1% in the last 24 hours and roughly 3% so far this week. The price of Bitcoinstands at $17,105 and could rally toward $17,500 over the next few hours.

Key levels to watch

The UNI/USD 4-hour chart is bullish, as Uniswap has been performing well over the last 24 hours. The technical indicators show that UNI could be ready for a breakout soon.

UNI/USD Chart By TradingView

 

The 14-day RSI of 69 shows that UNI could enter the overbought region if the bulls could embark on a massive run in the coming hours or days. The MACD line is above the neutral zone, indicating bullish momentum.

If the bullish momentum continues, UNI could surge past the first major resistance level at $6.097 before the end of the day. In the event of an extended rally, UNI could test the $6.457 resistance level soon. 

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