Uniswap On Shaky Ground Above $20, UNI Traders Confident of a Push Above $30

Uniswap is a representation of crypto dynamism.

Beyond prices, the apparent technology, self-protection—against vampire attacks—keep the DEX one of the most active and innovative.

There is no doubt that Uniswap is changing the execution of token swapping and the project’s governance token is one of the most actively traded.

Uniswap Market Performance and Price Status

As of writing, UNI is perched at 12th in the market cap leader-board, ceding space to Terra (LUNA)– given its superb price performance in the last few months.

Unlike LUNA, UNI prices are tepid, rapidly fluctuating but trending above $10—a relief for holders and traders alike.

Nonetheless, there could be more room for UNI prices in the weeks and months ahead from a technical perspective. It is provided $20 holds—and the crypto market recovers from last week’s price shocks.

Technically, UNI is still within a bullish breakout pattern. Concerns are stemming from last week’s losses which forced prices below August 2021 lows.

While the retest of July 2021 may be the basis for another snap-back, rally towards $30, UNI prices must edge past $31 and September 2021 highs in a buy trend continuation pattern.

If not, the lower lows of late August and early September 2021 could be the basis for further losses below $20 in sync with the Q2 2021 contraction.

Then, UNI prices tumbled to as low as $13 before steadily expanding in late H1 2021.

Amid the UNI consolidation, are priced about to recover from spot rates to above $31?

UNI Expansion to $225, an 8X Surge on the Cards

One trader on Trading View believes that UNI prices would edge past $31 and more than 8X to $225.

From the weekly chart of the UNI/USDT, the analyst holds that a close above $31 is on the cards as prices trend inside an ascending channel.

When writing, UNI prices are bouncing from the primary support trend line, encouraging optimistic Uniswap traders looking forward to a price surge.

Thus far, prices are in consolidation, squeezing in a sideways movement as per the development in the weekly chart.

The uptrend will be valid once Uniswap bulls overcome last week’s losses to print new H2 2021 highs.

On the other hand, steep losses below the primary support trend line would possibly invalidate the uptrend, opening the door for more draw-down.

Uniswap Prices Remain Under Pressure, But $20 Holds

However, not every trader is bullish, believing UNI will snap to all-time highs in a perpendicular line. From the daily chart, another trader thinks UNI prices must first rise above $25 before aggressive traders load the dips.

As per the candlestick arrangement in the daily chart, this could be the foundation for higher highs in the weeks ahead.

Even so, from a risk-averse trader’s perspective, a close above $30 would signal a change in fortune. This would perhaps trigger a new wave to all-time highs of $43.

Presently, UNI prices are trending higher, and the primary support trend line still anchors the uptrend.

Additionally, the CCI indicator is swinging from the oversold territory, pointing to increasing momentum in favor of buyers.

Nonetheless, there could be a valid concern for UNI price bleeding once there are steep, high-volume losses below $20 in follow-through of the September 7 drawdown.

Charts courtesy of Trading View

Disclosure: Opinion is that of the author. Do your own research.