Uniswap price prediction suggests UNI crypto looks undervalued so a short-term bounce back is possible. It formed a bearish pattern but the prices are near to its demand zone so it will be risky to create fresh shorts.
UNI price is trading below the 50-day and 200-day EMA showcasing a downtrend. However, the current price is trading far away from the EMAs so a relief rally is possible to test the EMA.
At the beginning of August, Uniswap price faced sharp rejection from $6.700. Later, the overall crypto market began to turn bearish which negatively impacted Uniswap and invited further decline.
At the same time, UNI crypto witnessed a massive spike in the selling volume indicating some whales might have taken exit. The price triggered a panic sell-off which eroded a big portion of its market capitalization.
Presently, Uniswap price is trading at $4.139 with an intraday decline of 1.92%. The 24-hour volume to market cap is 2.53%.
The pair of UNI/BTC is trading at 0.0001617 with an intraday decline of -0.98%. Both the pairs forming a similar pattern indicate sellers are active.
Will Uniswap Price Regain $5 by 2023 End?
Uniswap price prediction is bullish for the long term till it sustains above the $4.00 level. However, for the short term prices look mildly bearish but it is near to the crucial support and the downside looks limited.
If the crypto leaders’ BTC and ETH prices recover in September, then it might positively impact the prices of UNI as well as other altcoins. Also, the probability of regaining the $5.00 level will increase.
However, if the situation gets worse and prices continue to decline, then the $3.500 support level will be at risk.
UNI Price is Bearish on a Multiple Time Frames
UNI price is forming a bearish pattern in multiple time frames. As of now, no strong signs of recovery are visible. The fresh buyers look reluctant to build long positions due to the fear of further sell-offs.
The MACD curve sloping sideways indicates prices might spend some time in consolidation. The RSI at 29 indicates prices are highly oversold so a relief rally may trigger any time from the lower levels. The supertrend generated a sell signal and the trend remains down.
Conclusion
Uniswap price prediction is bullish and suggests a rise in the long run. Presently, the UNI price is near the demand zone and looks oversold. So, a pullback rally is possible in the coming months.
Technical Levels
- Resistance levels: $5.047 and $6.000
- Support levels: $4.000 and $3.634
