Our Uniswap price prediction for the short term is still bullish as the coin has broken out of the falling wedge on the 1D chart. Another bullish sign is that UNI crypto has formed an inverse head & shoulder pattern. Although the price has already met the target of the H&S pattern, it is yet to hit the top of the wedge, which lies at $12.50.
UNI hit the markets in 2020 as the flagship token of the pioneering DEX Uniswap app. The coin was freely claimable for the users of the top DEX in proportion to their past activity on the platform. Although many early users of the platform made thousands of dollars, many late investors also got rekt after buying at $45 ATH.
Currently, Uniswap price is trading at $8.78. The cryptocurrency has lost 5.5% since yesterday. As per Uniswap news today, the community of decentralized exchange is discussing a proposal on decreasing the fee share of liquidity providers.
This proposal would decrease the current 0.3% fee share to only 0.25%. Many analysts think implementing this proposal might drain up the liquidity on the platform. You may trade UNI by signing up on Binance or connecting your metamask wallet to the Uniswap app.
Technical analysis of the UNI USD price chart shows a clear breakout of the falling wedge. Such breakouts are very bullish as the price usually targets the top of the wedge in most cases. The neckline of the H&S breakout has also been tested successfully, indicating that the bottom might already be in. If BTC’s price remains stable, Uniswap bulls might target $12.5 in the next few weeks.
However, it is worth mentioning that any Uniswap price prediction depends on the Bitcoin price action. Therefore, the BTC price must remain stable for our target of $12.5 to get realized. Nevertheless, if BTC faces a massive pullback, then altcoins prices will likely face a major correction as well. Therefore, a stop loss below $6 support seems quite appropriate to avoid such a catastrophic scenario.
This post was last modified on Aug 04, 2022, 13:58 BST 13:58