The Uniswap price is at new levels, thrusting above $23 to reach over $30 over the weekend. As it is, the demand for the token points to increasing participation and utility.
By Feb 22, the UNI price is one of the top performers on a week-to-date basis.
The UNI price is up 32 percent, stretching both BTC and ETH prices which are also trending at near all-time highs.
Market forces data show that the token’s uptrend is with high momentum complete with grass-root demand.
Still, on the last day, the average daily trading volume is down 48 percent.
Uniswap (UNI) Price Overview
The uptrend is firm.
UNI/USDT bulls may be in the early stages of another protracted upsurge.
Buoying buyers are better trading volumes (translating to liquidity) that accompanied the breakout above $23. Before this, prices were mainly consolidating, retesting $23 before retracing lower.
In the immediate term, buyers are targeting $40. This is the 2.618 Fibonacci extension level of the Sep 17 bull bar. The Sep 17 bar’s high—now support, is at $15. Technically, the level marks an important buy wall in case of a retracement.
In the immediate term, support is at the 20-day moving average (middle BB) and $23. This is the resistance (now support) level marking the highs of H1 Feb 2021.
As we advance, traders can closely monitor price action within the Feb 20 bull bar. It is a high-volume breakout bar without subsequent confirmation. Note, Feb 21 bar didn’t close above the preceding bar’s high.
Accordingly, in lower time frames, every dip may provide an opportunity for aggressive traders to add to their longs while targeting $40.
Uniswap Market Movers
Uniswap is a decentralized exchange in Ethereum and the most liquid and popular.
Being the centerpiece of the DeFi revolution, the decentralized exchange became the first in the world to process over $100 billion in trading volumes:
— Hayden Adams 🦄 (@haydenzadams) February 15, 2021
The platform is developing, improving as means of enhancing user experience. With rising Gas fees, Uniswap will soon launch in L2. It ushers in an era of fast settlement and cheap transactions.
If Uniswap layer 2 fixes the gas fees, everything is gonna moon 🚀
— JRNY Crypto 🚀 (@JRNYcrypto) February 20, 2021
Observers say this will quash Binance Smart Chain’s attempts to usurp Ethereum as an alternative platform.
Everyone who has ever used Uniswap & Loopring already knows that when Uniswap V3 comes out with Zk rollups, it will mark the beginning of the end for centralized exchanges like Binance.
Binance knows this. BS Chain is their last ditch effort to survive.
The future is Ethereum.
— James Spediacci ⟠ (@JamesSpediacci) February 21, 2021
Expectations keep pumping UNI prices, explaining the surge:
— Xcrypto boy🤴👨🏻💻 (@Xcryptoboy) February 20, 2021
Uniswap Price Prediction
The UNI/USDT price is up 32 percent week-to-date versus the greenback.
From the daily chart, the UNI price is trading within a bullish breakout pattern. Bulls have broken above the consolidation of the last three weeks below $23.
The surge above $23 is with high trading volumes. It hasn’t been confirmed following yesterday’s bull bar with hints of liquidation in lower time frames.
There may be an opportunity for traders to load the dips with targets at $40. This is the 2.618 Fibonacci extension level of the Sep 17 trade range.
Technically, any contraction back to $23—the 1.618 Fibonacci extension level, in a retest, a launching pad for UNI bulls.
On the other hand, reversals of Feb 20 gains with equally high trading volumes may pour cold water on the uptrend.
Chart courtesy of Trading View
Disclaimer: Opinions expressed are not investment advice. Do your research.
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