UNI Price Might Pump by Another 40%

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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. 

Uniswap Price Prediction

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.

Uniswap Daily Chart

Technical analysis of Uniswap price chart (1D).
Uniswap Price Chart (1D)



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