Uniswap Price Prediction: Ripe for a Bullish Breakout?

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Written By: Crispus Nyaga
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    Summary:
  • In this Uniswap price prediction, we explain why the cryptocurrency may be ripe for a bullish breakout in the near term and what to expect

The Uniswap price is in a tight range as investors react to the volume happenings in the network. The UNI price is trading at $28.40, which is slightly above this week’s low of $25.80.

What happened: Uniswap is the fourth-biggest decentralized finance (DeFi) project in the world with more than $4.4 billion in total value locked (TVL). It is the biggest DEX, which helps people to trade anonymously. 

Uniswap has been in the spotlight this week because of activities by Delta.financial, a protocol that helps to remove volatility from options trading by stabilizing liquidity. The protocol released a protocol that helped push total trading volume by more than $11 billion. 

While that would have been a record high, the information was invalidated this volume. Therefore, analysts are starting to question the validity of statistics provided by Uniswap. 

Uniswap price prediction

The daily chart shows that the UNI price has been in a tight range recently. It is trading at $28.38, which is slightly below the all-time high of $35.95. It has also formed what seems like and ascending triangle, which is usually a bullish sign. The price is at the same level as the 25-day exponential moving average (EMA). 

In my view, the ongoing consolidation will likely remain in the near term. However, if bulls are able to hold above the ascending trendline, we should not rule out another move above the all-time high at $35.90.

UNI Price Chart

Written By: Crispus Nyaga

Crispus Nyaga is an analyst and consultant with more than 8 years of experience. He started trading Forex while completing his BSc degree and he has worked for brokers like OctaFX, easyMarkets, & Capital. He has also contributed widely in leading websites like rkdream.com, SeekingAlpha, iNvezz, DailyForex, and BanklessTimes. In 2017, Crispus completed his MBA.

Published by
Written By: Crispus Nyaga