Cryptocurrencies

Uniswap Price Prediction: New Lows May Be in Sight Before Recovery Sets In

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Written By: Eno Ikenna Eteng
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    Summary:
  • The Uniswap price prediction is for the price action to set new lows as the DeFi market suffers a steep selloff.

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.

Uniswap: 4-Hour Chart

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This post was last modified on Dec 14, 2021, 16:39 GMT 16:39

Written By: Eno Ikenna Eteng

Eno's work as a technical analyst and author since 2009 is well recognized in the industry and on several freelance platforms. He is also a member of the prestigious UK Society of Technical Analysts and a top-ranked participant in the Basic Investment Banking and Asset Management simulations with Amplify Trading.

Published by
Written By: Eno Ikenna Eteng