Uniswap price prediction: Could UNI double in value, and if so, how?

The Uniswap price has been on a tear recently. But UNI has the potential to return to the May all-time high if it hurdles the approaching resistance.

Uniswap (UNI) is trading at $23.25, down $0.27 (-1.18%).

The last two weeks have seen a return to form for the decentralised liquidity provider. Following a test of a major support level at $14.25 on the 20th of July, UNI has gained 64%.

Even more impressive is that over the 15 days, the price has closed higher 13 times.

As a result, Uniswap’s market cap has risen to $13.7 billion, making it the 10th-largest cryptocurrency, behind Polkadot.

However, there are indications that UNI can go a lot higher. But for that to happen, the price must deal with a key resistance level.

UNI price analysis

The daily chart shows several positive developments.

Firstly, during July’s flush out, Uniswap reversed from the significant trend line at $14.25. The trend has underpinned this year’s rally and should be viewed as long term price support.

Additionally, the recent rally has lifted UNI above a descending trend line at $20.15, which becomes the first technical support.

Below the descending trend, the 50-day moving average at $19.03 reinforces the support.

However, the 100 DMA at $24.92 and the 200 at $25.45 provide robust confluent resistance.

On that basis, a clearance of $25.50 would increase the bullish outlook. In this event, an extension to the all-time high of $48.12 becomes possible.

The bullish view remains as long as the price holds above the descending trendline at $20.15. A close below this level invalidates the thesis and suggests a return to long term support.

Uniswap price chart (daily)

uniswap price prediction

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