Markets always dip and rise, according to the waves of an ocean. Charles Dow taught us this nearly a century ago. The Uniswap price prediction is for the token to recover, given its strong fundamentals. However, recovery may be slow and really depends on the bulls surpassing certain price milestones, such as the $29.00 mark.
One thing going for Uniswap is that today’s recovery bounce has been strong, unlike some other tokens. Uniswap’s dip presented an excellent opportunity for those who missed the earlier ride to get in, following accumulation by bulls at the $19 price mark. This was the site of previous support levels found on 15/23 February.
The 22% recovery on the day could provide a strong case for the next support to be breached.
Technical Levels to Watch
Having bounced off the 61.8% Fibonacci retracement level from the swing low of 11 December to the swing high of 4 May, the Uniswap price prediction is for bulls to target the 28.98 price mark (50% Fibonacci retracement mark). A break of this price level is required to target 32.00 psychological support (20 February high and 17 May low) and 36.00 after that.
On the other hand, a loss of buying momentum or rejection at 28.98 allows the bears to reposition price action to challenge the support at 23.93/24.00 (close to the 50% Fibonacci price level). A breakdown of this support opens the door for bears to push towards the 18.89 61.8% Fibonacci retracement price level. Below this area, additional support is provided at 12.00 (24 January high).