Our Uniswap price prediction is still bullish as the price hasn’t broken the bullish market structure. On the daily timeframe, UNI price is retesting a previous demand zone that lies at $6-$6.5. A daily closure below this region would be very bearish as this level has acted as a resistance many times.
On Thursday morning, crypto markets are showing signs of recovery as Ethereum leads the altcoins. While most cryptocurrencies are trading at their highest levels of the week, the BTC price is yet to reclaim week highs.
At the time of writing, Uniswap price is trading at $7.15. The price has gained 1.42% since yesterday. On a higher timeframe, the native asset of the top DEX is still 84% down from its May 2021 ATH of $45. This downtrend could also be attributed to the decreased investor interest in DeFi platforms since the collapse of Terra Luna.
According to Uniswap news, the proposal for the establishment of the Uniswap Foundation has been passed by the community. The organization would assist the developers of the ecosystem while also reducing friction in governance.
Uniswap Price Prediction
Technical analysis of the UNI USD price chart depicts a falling wedge breakout. The price action has also formed an inverse head & shoulders pattern. Although the price broke above the 200-day MA at the end of July but failed to confirm. Another daily closure above daily MA would be very bullish.
The Uniswap price prediction would remain bullish as long as the price holds the $6 level. Any daily closure below this level could send the price to retest $4.6 support. Hence this level could act as a good stop loss for any long trade. Another factor affecting the altcoin prices is the BTC and ETH price action. If Ethereum goes for another run before the next month’s Merge, altcoins like UNI could soar to new local highs.
Uniswap Daily Chart
