Uniswap Price Prediction: UNI Weakens as Sideways Markets Continue

Summary:
• The Uniswap price has been on a roll for more than a month now, doubling its value during that time before the recent price weakness.

The Uniswap price has been on a roll for more than a month now, doubling its value during that time. However, the past two weeks have seen Uniswap prices start to show weakness, with the crypto trading in a sideways market for most of that time.

The growth of the cryptocurrency has come amidst concerns about cybersecurity issues. Earlier this month, reports indicated that Uniswap had been compromised, and a total of 74,800 wallet addresses connected to the platform had been victims of a phishing attempt that promised a Uniswap airdrop.

Unfortunately, during the phishing, some Uniswap accounts fell victim to the trickeries of cybercriminals. This resulted in over $8 million worth of ether tokens being stolen after they interacted with the phishing message. 

However, fast forward to today, and the platform looked to have held strong. The Uniswap price, although slowed in growth, did not take a hit as expected, and hence, why we have seen the latest price action of the cryptocurrency. 

Uniswap Price Prediction

The chart below shows that the past two weeks have traded in a sideways market. The slowing in growth came after weeks of sustained gains that started on June 14 when Uniswap bottomed at the $3.35 support level. Since then, we have seen Uniswap continue to gain in the markets and, as of press time, has gained 102 per cent of its value during that period.

Today, Uniswap is down by 2 per cent after opening the markets trading at $7 before dropping by 5 per cent in the early hours of the trading session to trade at $6.7. Today’s price loss, however, is not a trend reversal. Looking at the past two weeks’ price action, it is an extension of the sideways market. Therefore, I expect Uniswap to continue with the same sideways market for the next few trading sessions. There is a high likelihood that the losses will be wiped out in the coming session. 

I remain bullish for the long term, so my sideways market analysis will end when prices trade above the $7.7 price level. At that point, I expect the bullish trend to continue.

Uniswap Daily Chart