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Uniswap Price Prediction: UNI is on the verge of an 18% upswing to new all-time highs

  • Uniswap price is breaking out of a bullish consolidation pattern, hinting at new all-time highs.
  • UNI bulls ignore the bearish indications provided by on-chain metrics.
  • FOMO seems to kick in as the token hints at an 18% surge despite the 320% year-to-date gains.

Uniswap price and its decentralized exchange platform have seen a stark rise in popularity even after last year's DeFi summer. The token now shows signs of continuing the ongoing rally even after it experienced an exponential  300% increase over the past month.

Uniswap price aims for higher highs 

Uniswap price has been consolidating in an ascending triangle over the past week. Such technical formation is considered a continuation pattern as it tends to lead to further development of the previous trend. 

Therefore, the recent break of the triangle’s x-axis at $20.90 could push Uniswap price by more than 18%. If this were to happen, UNI’s market value would march towards a new all-time high of nearly $25. 

This target is determined by measuring the distance of the triangle’s y-axis.

UNI/USDT 1-hour chart

UNI/USDT 1-hour chart

On-chain metrics suggest a rather bearish outlook for the utility token. 

Uniswap's holders distribution chart shows that addresses with 10,000 to 100,000 UNI have constantly been reallocating or selling the tokens since late January. A similar trend can be observed with those addresses that hold between 100,000 and 1,000,000 UNI. 

This behavior in whales’ activity suggests that some high net worth individuals are booking profits at the current price levels. Consequently, increasing the downward pressure behind Uniswap price.

Uniswap Holder Distribution chart

Uniswap Holder Distribution chart

For this reason, investors need to pay attention to the $19.50 support level. If this price hurdle fails to hold, the bullish thesis will be invalidated, triggering an 18% retracement to $16.

Author

Akash Girimath

Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.

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