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Uniswap Price Analysis: Uni faces rejection at its 50 Simple Moving Average as other red flags appear

Uniswap Price Prediction

TL;DR Breakdown

  • Uniswap price prediction highlights UNI’s price movement that threatens to undo its recent 115 percent bull run.
  • Since May 23 price decline, Uniswap’s Momentum Reversal Indicator (MRI) has been flashing sell signals.
  • The drop in daily active addresses validates the projected bearish outlook.
  • Transactional data reveal Uniswap has a colossal group of underwater investors who are pushing Uniswap’s price downwards.

The Uniswap price movement has been registering an impressive run-up since the May 23 price dip. Despite the tremendous price recovery, Uniswap risks wiping all these gains due to critical technical indicators flashing sell signals.

Uniswap Price Analysis: General price overview

Uniswap’s price movement has predominantly been recording downward price trends since May 3, when it hit a new ATH at $45. The milestone was short-lived as a quick price dip followed, robbing the crypto coin of more than 70 percent of its gains. On May 23, Uniswap registered a record low of about $13 before rebounding. The price rebound formed a solid bullish candlestick on the cryptos daily chart. Since then, Uniswap price action has moved to reclaim the 0.618 Fibonacci Retracement Support level around the $17.4 price region. As a result of the plunge, Uniswap’s immediate resistance levels currently range between the 0.5 and 0.618 Fibonacci Retracement Levels at $29 and $32.8, respectively.

Away from this, the last 18-hours have witnessed Uniswap rallying by about 30 percent, pushing the crypto coin towards the $29 resistance level. Although the crypto coin failed to produce a higher high above this region, Uniswap managed to register an ultra-day high of $27.86. It could not bypass this region due to insufficient buying pressure and the resistance barrier at the 50 12-hour Simple Moving Average (SMA) at $29.

Uniswap’s Momentum Reversal Indicator (MRI) has also signaled a reversal indicator in the form of a red candlestick on the 12-hour chart during today’s trading session. This suggests Uniswap’s bullish run has come to an end. Additionally, the current circumstance projects a 1-to-4 candlestick price correction, validating the bearish narrative. Furthermore, Uniswap’s 50 6-hour Simple Moving Average appears to be moving closer to the 100 6-hour SMA with the indication of moving under it. If such an action happens, it could see Uniswap depreciate by about 20 percent to settle at around $22.

Uniswap price movement in the past 24 hours

Uniswap Price Analysis: Uni faces rejection at its 50 Simple Moving Average as other red flags appear 1
Source: TradingView

According to Uniswap’s IntoTheBlocks In/Out of the Money Around Price (IOMAP) model, there are a significant number of underwater UNI holders ahead. At present, about 10,400 addresses who bought roughly 240 million UNI tokens at an average price of $28.2 are out of the money. Although these investors want to see Uniswap move past the $28 resistance barrier, their anticipation dampens any bullish narrative, adding more selling pressure on the coin.

Uniswap 4-hour chart

Uniswap Price Analysis: Uni faces rejection at its 50 Simple Moving Average as other red flags appear 2
Source: TradingView

At present, Uniswap is experiencing a decline in new active addresses joining the cryptocurrency. The number has dropped from a high of 2,760 on April 26 to a low of 1,340 today. The 51 percent plunge suggests investors are either booking profits or relocating their assets. Therefore, this yardstick also depicts a bearish narrative, indicating Uniswap is likely to record further price declines in the near term.

Conclusion

Although things do not look great for the DeFi token, a decisive close above the $35.5 price region would nullify all the bearish projections. In such an event, the DeFi crypto coin could see a 22 percent price surge towards $42.4. The $25.5 price region happens to be the juxtaposition of the 50 and 100 6-hour Moving Averages.

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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