• The DEX topped the list of most transactions.
• Saw around $68 million transactions from unique wallets.
• Recently shook hands with Moonpay.

Uniswap is amongst the most popular Decentralized Exchanges (DEX) that is known for its role in facilitating automated trading of DeFi tokens. As per DefiLlama, it tops the list of platforms for most transactions. Uniswap’s official tweet mentioned that it witnessed around $68 million worth of transactions from 3 million unique wallets in 2022. The concluding year brings a flush of positive emotions among the holders and can be expected to impact the prices. 

The picturesque 

UNI prices were moving, forming a pennant pattern, with current action at the lower end. The analysis suggests that the prices may soon witness a rally. If the price action crosses the breakout level of $6.5, it may successfully establish a bull run, which means prices have to break the EMA ribbon, forming above the current trading price of $5. UNI has tested the support zone of $4.5 several times and now may bounce to jump near$9.5. The combined study of trading volume and OBV supports the predicted rise and reflects the pressure to be positive. 

The falling CMF images the persisting downtrend, but it may soon manage to secure a spot in the positive region. The MACD suggests withdrawing sellers but still influencing the trade. The RSI supports sellers and moves horizontally within the 30-40 range.

A closer look

The smaller time frame study reflects prices consolidating and moving sideways. The CMF continues to be negative and floats in the region below the baseline. The  MACD records a cycle of buyers and sellers reacting, with lines tangling. Although within the same bounds, the RSI slopes up, suggesting increasing buyer interest. 

Conclusion

The market shows a green signal to investors to buy the dip and enjoy the anticipated rally. The support zone of $4.5 can be trusted to buy as a major rise is predicted, and holders can reap golden crops. 

Technical levels

Support levels: $4.5 and $3.0

Resistance levels: $8.0 and $9.5

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.

Nancy J. Allen

Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She 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. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.