UNI Price Prediction: Uniswap Wallet Launch, Price Skyrockets

UNI price rose by about 7% intraday after the revelation of the Uniswap wallet launch.
Trading volume swelled by more than 70% in the past 24 hours.
Uniswap wallet for mobile has been approved by Apple iOS App Store.

Uniswap price surged after its mobile wallet received approval from Apple iOS App Store, as per the official blog posted by the project. The mobile wallet extends the user of Uniswap with the popular DeFi self-custodial token swap service, and accesses most of the platform’s features.

According to Uniswap, Apple will allow the wallet to be used in several countries. The project plans to expand its availability further with approval from Apple. The official tweet from Uniswap said the wallet is available in most countries, but it has kept the list of supported locations a secret.

The Monoscope

UNI price, under the bullish influence broke out of the pennant pattern and surged beyond $6.00. The trading volume increased by more than 70% in the past 24 hours. The slightly upticked OBV signals the market to turn favorable for UNI to extend the price rally.

The price broke out after taking support of the rising bottom trendline, and the support near $5.920. The Bollinger Bands diverge signals UNI to be volatile in the coming days. The rising UNI price reclaimed the EMA ribbon, establishing an optimistic outlook.

The upsurge in UNI price is set to end the bearish trend in the price action, as per Super Trends. The CCI shot up to reach 200-range and suggests a positive difference between the price at press time and historic prices. The MACD underwent a bullish divergence and recorded ascending buyer bars. The RSI rose from the half line, suggesting a steady rise in buyer interest.

The Microscope

In the smaller time frame, UNI price action presented a recently broken bearish trend and formed a bull run. The CCI dropped near 150-ranges, representing a drop but there is still a positive gap between the current price and historic prices.

The MACD diverged under bullish trend slightly narrowed and recorded flat buyer bars for a few trading sessions. The RSI dropped from 75-range to 70-range, indicating a correction in buyer interest. The indicators in the smaller time frame suggest a temporary price reversal, as the price reached the distribution zone.

Conclusion

UNI price shot up taking advantage of the new wallet launch on Apple iOS App Store. The price witnessed a breakout from the pennant pattern, but there can be a temporary correction. If the correction occurs in UNI price, it can find support near $5.920, after testing which price can take a bullish turn again.

Technical levels

Support levels: $5.920 and $5.410

Resistance levels: $6.507 and $6.995

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.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing