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- 1 Uniswap price (UNI) is up by 0.84% in the last 24 hours and is currently trading at $25.02.
- 2 Uniswap (UNI) has won a Scam token lawsuit alleged to be liable for third-party misusing the protocol.
Yesterday, the Southern District Court of New York (SDNY) dismissed a class action lawsuit against Uniswap (UNI), a leading decentralized exchange. Uniswap was dragged into the lawsuit as some third party misused the protocols by listing some scam tokens.
The whole case started when a North Carolina investor sued Uniswap for selling unregistered securities and not registering as an exchange or broker-dealer. She lost $10,000 buying fake tokens like BoomBaby, Rocket Bunny, Matrix Samurai, etc.
However, Uniswap (UNI) is a decentralized protocol that allows automated and open trading of DeFi tokens. It is an AMM that launched in 2018 and became popular in 2020 due to the DeFi boom. Uniswap improves trading efficiency compared to traditional exchanges.
Uniswap Price Prediction Using Price Action Strategy
However, the news did not impact much on the price of Uniswap as it remained steady and consolidated near $4 to $5.
Uniswap price has been in a declining trend since July 2022. The price is declining forming several lower lows and lower highs. The daily chart shows that the price is trading in a channel pattern with sellers dominating at the upper trendline of the channel pattern and buyers pushing the prices up from the lower trendline.
The short-term outlook of the price trend states that the price may remain bearish and keep declining with some small positive spikes until the price maintains the channel.
However, the breakout of the channel may give some hope for buyers to get into the game. However, it requires the price to sustain at the lower levels and halt the ongoing trend to make a trend change.
Also, the volume analysis shows that the volume received is less than the average volume indicating the bearishness in the market. The UNI token has received a $72.74 Million volume in the past 24 hours which is nearly 27.50% less than the past day.
UNI Price Forecast from Indicators’ point of view
As per the EMA analysis, the UNI price is trading below the 50 and 200 EMA indicating bearishness on the daily charts.
RSI has entered the oversold region indicating bearishness in the market at the moment. MACD lines have made a bearish crossover. Also, Histogram bars are being formed below the mean line with decreasing height indicating the price may surge for a pullback over the daily chart.
Conclusion
A class action lawsuit against Uniswap, a decentralized exchange, was dismissed by a New York court. The plaintiff lost $10,000 buying scam tokens on Uniswap. However, the news did not affect Uniswap’s price, which remained stable at around $4 to $5. Uniswap’s price has been in a downtrend since July 2022, trading in a channel pattern. The price may continue to decline until it breaks out of the channel. The technical indicators are also showing weakness and signal the continuation of the ongoing trend.
Technical Levels
- Support levels: $4.6 and $3.5.
- Resistance levels: $6.67 and $7.43.
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 or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
