Uniswap Price Prediction: UNI Heading For $5, Is A Rebound On Its Way?

• As per the data from Lunarcrush UNI social mentions and engagements has been on a decline in the past few weeks
• Technical indicators of UNI are favoring a bearish move in price. It is down by 0.945% in the intraday session.

Uniswap is a decentralized cryptocurrency exchange that is built on the Ethereum blockchain. It was created in 2018 by Hayden Adams, who wanted to create a more efficient platform for trading cryptocurrencies. Uniswap uses an automated market maker which allows users to trade crypto without relying on traditional order books. They use liquidity pools to create a market of trading. Uniswap has gained significant popularity since its launch and has processed over $1.4T+ in trade volume. It has over 4400+ community delegates and over 300+ integrations. Uniswap ecosystem has a growing network of defi apps. It has a total TVL of $4.1Bn which has seen a growth of 5% in the past few days. Meanwhile, as per the Lunacrush social mentions and engagements of the asset price have seen a decline in the past few weeks. It has seen a surge of 15% in daily active users.

Uniswap has a market cap of $3.1 Billion and is ranked 22nd in the crypto-verse. The volume of the asset price has seen a surge of 56% in the intraday session. The volume-to-market cap ratio of UNI suggests a consolidated trend in price.

Bears Are Pushing UNI Down

The weekly technical chart of Uniswap suggests a struggle between the bulls and bears. On the daily chart, it is forming a strong bearish candle pattern. It is trading near the value of $5.38 with a drop of 1.29% in the intraday session. The upside trend of UNI can see a halt near the value of $6.5. Meanwhile, the support of the asset price can be seen near $5.It is trading below the 50 and 100 Daily Moving Averages. There can be a negative crossover in the future which can push the asset price to a new low.

The RSI of UNI is near 40 suggesting its presence in the neutral zone. There is a downside slope in it hinting towards a bearish momentum.

Summary

UNI has been seeing a decline in social engagement over the past few weeks. UNI is currently in a consolidated trend but can move to a new high in the future.

Technical Levels

Major Support:$5

Major Resistance:$6.5

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.

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