InvestingCube is better on Andriod.

Open

Uniswap Price Prediction: UNI Pullbacks After Running Into Resistance

Our Uniswap Price Prediction is still bearish as the coin has failed to make a higher high once again. The native asset of the Uniswap app dipped to the lows of $3.33 as Bitcoin price tagged the lows of $17.6k, last week. After a strong bounce, the relief rally took the price to the $6.08 level and got rejected. At the time of writing, UNI crypto is trading at $5.16 and it is 88.5% down from its May 2021 ATH.

UNI is the native asset of Uniswap app which is a decentralized exchange built on the Ethereum blockchain. Uniswap V3 went live in 2021 and but the coin couldn’t live up to its hype. The native asset of the top DEX has been in a severe downtrend since its rejection from the $30 level in October 2021. Consequently, Uniswap price is trading at just a fraction of last year’s all-time high of $45.

According to official Uniswap news, it has acquired the NFT marketplace aggregator called Genie. The aggregator enables NFT discovery and trading across most platforms. Starting Q4 2022, users would be able to buy and trade NFTs from the Uniswap web app.

Uniswap Price Prediction

Technical analysis of the Uniswap coin shows that the investor interest in the top DeFi token has significantly decreased. The coin has pierced the $3.5 level multiple times but bounced every time. This indicates a clear demand zone below this level which is now acting as a support.

If the price closes a week above $4.5 then another retest of the $6 level is quite likely. However, this Uniswap price prediction is only likely to be met if the Bitcoin price gains some strength. If Bitcoin price closes the week below the $20k level then things might turn pretty ugly for UNI coin holders. Therefore, it is very significant to keep an eye on Bitcoin price action if you’re entering into any position.

UNI USD 4H Price Chart

Technical analysis of Uniswap price chart (4H).
Uniswap Price Chart (4H)