The Uniswap price has erased some of the gains made during the weekend. On Saturday, the UNI price soared by 20% to $1.1901 as the rest of the cryptocurrencies rallied. Today, the price is trading at $1.0330, which is a few points above the lowest level last week.
What happened: Uniswap has struggled of late as investors have focused on other fast-growing DEXes like SushiSwap and Curve Finance. Indeed, SushiSwap, which came as a result of Uniswap’s hard fork, has seen its total value locked grow to more than $4.8 billion.
This is a substantial increase considering that the TVL was less than $50,000 in September last year. Sushi price has jumped by more than 800% from September last year. Moreso, Uniswap has moved from being the second-biggest DeFi project in terms of TVL to the current fifth. Therefore, the Uniswap price is likely struggling because of the focus on other DEXes.
Uniswap Price Prediction
In the four-hour chart below, we see that the Uniswap price reached a high of 35.15 last week. The chart also shows that the price is forming what seems to be like an ascending triangle pattern. It has also moved slightly below the 25-day and 15-day exponential moving averages (EMA).
Therefore, as you will find in our free trading course, the ascending triangle is usually a bullish sign. As such, I predict that the UNI price will bounce back higher. This action will be confirmed if it manages to move above the upper side of the triangle at $35.15. If it happens, it will likely rise to $40.
This is in line with my last Uniswap price prediction, where I said that while it has a path to $40, a short-term pullback was likely. However, a drop below $29 will invalidate this trend.