Uniswap is a decentralized exchange that offers a peer-to-peer trading experience without the need for any centralized trading platforms. The platform has been on shaky ground since its launch, with prices falling below $20 and traders losing faith in the project. However, UNI traders remain confident of a push above $30 as soon as next week.
Uniswap is a decentralized exchange that allows users to trade between cryptocurrencies without the need for an intermediary. The platform has seen a surge in interest and trading volume since its inception, but now faces the possibility of being delisted from Binance due to its low trading volume.
Crypto dynamism is represented by Uniswap.
Beyond the obvious technology and self-defense—against vampire attacks—the DEX remains one of the most active and creative.
Uniswap is without a doubt revolutionizing the way token swapping is done, and the project’s governance token is one of the most frequently traded.
Market Performance and Price Status of Uniswap
As of this writing, UNI is ranked 12th in terms of market capitalization, having lost ground to Terra (LUNA) due to its strong price performance in recent months.
UNI prices are lukewarm, quickly changing but heading over $10, unlike LUNA, which is a comfort for both investors and dealers.
However, from a technical standpoint, there may be more space for UNI prices in the weeks and months ahead. It is if $20 holds—and the crypto market rebounds from the price shocks of last week.
UNI is continuing in a bullish breakout pattern on a technical level. Last week’s declines, which sent prices below August 2021 lows, have raised concerns.
UNI prices must push above $31 and September 2021 highs in a buy trend continuation pattern, while the retest of July 2021 may be the foundation for another snap-back rally towards $30.
If not, the lower lows of late August and early September 2021 may serve as the foundation for additional declines below $20, in line with the Q2 2021 contraction.
Then, in late H1 2021, UNI prices plummeted to as low as $13, before gradually increasing.
Are prices likely to rebound from spot rates to over $31 amid the UNI consolidation?
Expansion of UNI to $225, an 8X Increase in Cards
According to one trader on Trading View, UNI prices will rise over $31 and more than 8X to $225.
The expert believes that a closing over $31 is likely on the weekly chart of the UNI/USDT since prices are trending within an upward channel.
UNI prices are now rebounding off the main support trend line, which is exciting Uniswap traders who are anticipating a price rise.
According to the weekly chart, prices are now consolidating and squeezing in a sideways trend.
Once the Uniswap bulls overcome last week’s losses and record new H2 2021 highs, the upswing will be confirmed.
Sharp losses below the main support trend line, on the other hand, may invalidate the uptrend, allowing for further drawdown.
Uniswap prices are still under pressure, but the $20 level is holding.
However, not all traders are optimistic, thinking that UNI will rise to new all-time highs in a straight line. Another trader believes that before aggressive traders fill the dips, UNI prices must first climb over $25 on the daily chart.
This may be the basis for greater highs in the weeks ahead, according to the candlestick arrangement on the daily chart.
Even yet, a closing over $30 might indicate a shift in fortune for a risk-averse trader. This may potentially set off a fresh rally to $43 all-time highs.
UNI prices are now moving upward, and the uptrend is still anchored by the main support trend line.
Furthermore, the CCI indicator is moving away from oversold area, indicating a shift in momentum in favor of buyers.
Nonetheless, UNI price hemorrhage may be a legitimate worry if severe, high-volume losses below $20 occur as a result of the September 7 downturn.
Trading View provided the charts.
Disclosure: The author’s opinion is his or her own. Make your own investigation.
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