- Uniswap announced partnership with Gauntel Network and Group.
- Uniswap displays bullish patterns with price action.
- UNI Price fell by more than 5% in over a week.
Uniswap granted funds to Gauntlet, a financial modeling platform to improve DAO incentive mechanism, making UNI price bullish. Gauntlet is launching a Gauntlet Applied Research, which will be a quantitative optimization division to help DAOs optimize protocol growth. With the new advancement the decentralized protocol of Uniswap DAO will earn incentives, as the division is focused on designing and specifying incentive programs to benefit the Uniswap Protocol.
The Pictorial
UNI price forms a pennant pattern with current price nearing the breakout taking support from the rising trend line formed by higher lows. The price moves forward making higher lows and lower highs along with a contracting price action. The price fell more than 5% in over a week’s time, but is bullish in the longer term.
The UNI price fails to breach the 0.382 level of Fib Retracement and falls back to the initial stage. The Bollinger bands continues to contract indicating a dwindling price action that awaits a breakout. The trading volume records a declining pattern to suggest drained interest in the market. The current price can fall further before finally rising to breach the pattern. The downtick in OBV supports the temporary fall in UNI price.
UNI price suggests a sideways movement marking it as a bearish trend. The Super Trends await a dip to transform into a bullish trend. The Commodity Channel Index (CCI) suggests present price action to be bearish as it sharply falls to the negative zone from the positive one. The MACD converges to suggest a temporary selling pressure and records descending buyer bars. The RSI moves about the half line to suggest neither a seller dominant nor a buyer controlled market.
The Peephole
In the smaller time frame, UNI price observes an uptick, marking the genesis of the bull trend. The Super Trend may turn bullish soon, as the price begins to retrace. The CCI witnesses a similar uptick after falling beyond the 100 mark in the negative region. A soon to be positive CCI, will support the projected bull trend. The MACD moves towards a conversion again, after a negative cross, to record buyer interaction. The RSI returns before reaching the ceiling range, and reflects increase in buyer interest for UNI.
Conclusion
UNI price is currently forming a pennant pattern and awaits a bullish breakout. The Uniswap protocol funds a DAO incentive improvement program by Gauntlet. The program may bring optimistic advancements to the network. UNI price taking leverage of the future advancement, can form an uptrend, breaching the declining streak.
Technical levels
Support levels: $5.425and $4.965
Resistance levels: $6.235 and $6.945
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational purposes only and 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.
Source: https://www.thecoinrepublic.com/2023/04/12/uni-price-prediction-uniswap-funds-dao-projectfueled-price-rise/