The DeFi market appears to be in troubled waters, as most of the tokens which were the toast of investors a few months back have all undergone very steep drops. For Uniswap, the decline has been dramatic, boosting Uniswap price predictions that indicate the potential for a slide towards new lows.
Despite the negative outlook, Uniswap registered some gains on Tuesday after news emerged of venture capitalists’ potential interest in the Polygon network. Polygon and Uniswap are Ethereum-based Layer 2 protocols, explaining the correlated gains on both assets.
Uniswap Price Prediction
The 466.25 pivot lies between the market price and new record lows. A breakdown of this level could open the door to new lows, with the 127.2% and 141.4% Fibonacci extension levels at 459.20 and 438.22 lining up as potential downside targets.
On the flip side, a bounce that enables the token to stay above the 466.25 pivot opens the door to test additional upside targets at 531.04 (78.6% Fibonacci extension), 555.87 and potentially at 573.31.