Uniswap Price Prediction: Can UNI Succeed in Attempt to Breakout?

• Uniswap price (UNI) surged 2.20% in the last 24 hours and is currently trading at $6.57.
• Uniswap (BINANCE: UNI) whales data states that whales hold a total of 52.8% of the supply with a decrement of 1.5% over the past 1 year.

UNI is a decentralized trading protocol that lets anyone trade DeFi tokens automatically. It is an AMM that began in November 2018 but became very popular this year because of the DeFi boom and token trading. 

The Uniswap price is currently trading at $6.57 with an incline of 2.20% in the past 24 hours. UNI holds a total market cap of $3.79 Billion and ranks 22nd in the crypto market. 

UNI token has a trading volume of $114.464 Million with a decline of 28.8% over the past 24 hours. It has over 577.50 Million tokens in circulating supply. The volume-to-market cap ratio of the UNI token is 3.02% indicating low volatility in the market.

Uniswap Price Prediction Using Price Action Strategy

Uniswap price analysis reveals that the token declined nearly 75% after the breakdown of crucial support at $15 in January 2022. The price declined forming lower highs and lower lows. However, in June 2022, the price took support from the demand and surged nearly 60% but could not break above the previous swing high and slid.

Thereafter, the price entered the correction phase and formed a parallel channel pattern in the weekly chart popularly known as the bullish flag pattern.

Recently, the price bounced back from the demand zone with a rise in volume indicating the presence of buyers near the demand zone. The price surged nearly 40% in the past 5 weeks. However, the price is still trading in the channel. 

Now, If the price breaks and sustains above the channel pattern then it may result in a change of trend from the correction phase to an advancement phase. This may attract buyers and push the price higher.

UNI Price Forecast from Indicators’ point of view

As per the EMA analysis, the UNI price is currently trading above 50 EMA which shows short-term participation of buyers in the market. However, the price has to surpass the hurdles of 200 EMA to surge higher.

At the time of publishing, the RSI value of the UNI token is 57.72 and that of the SMA line is 45.58. RSI is headed upwards taking support from the SMA line which indicates bullish sentiment in the market.

MACD lines have made a bullish crossover. Also, Histogram bars are being formed above the mean line with increasing height indicating a positive sentiment being built in the market for now.

Conclusion

Uniswap price prediction shows that the token declined nearly 75% after the breakdown of crucial support in January 2022. The price tried to recover in June 2022 but suffered rejection from the upper levels and declined.

Recently, the price took a rebound after getting support from the demand zone. The price is trading near the upper edge of the channel. Now, if the price breaks and sustains above the channel then the price may surge higher to hit a double-digit mark i.e. the price may surge up to $10 in the upcoming weeks.

Technical Levels

• Support levels: $3.32 and $1.25.
• Resistance levels: $9.90 and $12.93.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.