Uniswap Price Prediction: A serious rally could be underway
|- Uniswap price witnessed a 200% rally from June through August
- The bulls have produced an uptrend move after bouncing from a key Fibonacci level.
- Invalidation of the bullish thesis is a breach below $4.60
Uni swap could be in the beginning stages of a much stronger rally. Key levels have been defined to gauge UNI's next potential move.
Uniswap Inu price has potential.
Uniswap price has produced a -stair-stepping pattern that may lead to a strong rally in the coming days. Between July 14 and August 12, UniSwap rose by 200%. Following the rally, the Ethereum-based swap token fell 50% and auctioned sideways throughout the fall. As the UNI price drops, the market bottom may be in. An additional rally towards could $12.50 congestion zone could occur in the coming days.
Uniswap price currently auctions at $7.50. The bulls produced a sudden 10% spike on Friday, November 2. A bullish engulfing candle accompanied by an influx in buying pressure on the volume profile indicator is displayed on the daily timeframe. The technicals seem rather optimistic as signals as the recent uptrend move was catalyzed by a retest of the 8-day exponential moving average following a previous 15% rally earlier in the week.
UNI/ USDT -Hour Chart
Considering these factors, the Uniswap price could witness a 30% rally in the shortterm and as much as a 200% rally in the coming weeks. Shortterm bullish targets are $10 and $12, while a longer swing trade could potentially target $24.
Invalidation of the bullish outlook is possible if the bears take the liquidity below $6.75. A sweep of the lows could induce an additional sellers' frenzy targeting the 21-day simple moving average at $6.60. Uniswap price would decline by 13% if the bears were to succeed.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.