Connect with us

Price Analysis

Uniswap Price Adds 12%, UNI/USDT May Double to $40

Published

on

Whats next for Uniswap

The Uniswap Price resilience continues, charting higher to around all-time and 2021 highs above $22.5.

As of writing on Feb 12, the UNI price is up 11 percent on the last day, outperforming some of the competing DeFi tokens, consequently becoming one of the most valuable in the burgeoning space.

The UNI price is firm above $22 and looks likely to print a new all-time high above $24 this week. Amid this optimism is interest from investors and traders.

According to coin trackers, the average daily volume for UNI pairs is up 10 percent to around $11.7 billion. At this rate, the token is one of the most traded in DeFi, translating to better liquidity and trading opportunities.

Uniswap (UNI) Price Overview

The UNI/USDT price is trading within a bullish breakout pattern and is around an all-time high.

Statistics from Binance reveals that the path of least resistance is northwards. Like ETH/USD, the UNI price is galloping higher, temporarily printing a new all-time high above $24 during the Asian session.

As such, for traders, today’s high is the buy trigger. Gains above this level opens up UNI to new territory towards $30 and beyond.

On the flip side, a draw-down from spot rates, in line with the minor contraction in lower time frames, exposes UNI to bears. Consequently, the UNI/USDT price may slump below the middle BB towards $15 in a retest.

Depending on the decline’s rapidity, the correction may provide the opportunity for aggressive traders to load up the dips or for risk-averse market participants to unwind their bullish bets.

Uniswap (UNI) Market Movers

Uniswap is a decentralized exchange, the largest in the world and the most liquid, consistently registering over $1 billion in average trading volumes.

The protocol is synonymous with broad DeFi.

Traders are betting for UNI/USDT prices to reach $30:

For the platform’s role, Uniswap has the attention of Alliance Bernstein. It is a $600 billion asset manager, one of the largest in the world.

Uniswap is also included as part of the St Louis Federal Reserve branch DeFi research report:

As a countermeasure to the high trading fees in Ethereum, the newly launched Avalanche–Ethereum Bridge (AEB) enables DeFi in the scalable network. Uniswap trading volume (liquidity) is on the rise on Avalanche:

On the community development front, Uniswap is sponsoring and participating in Ethereum Denver:

Uniswap Price Prediction

Uniswap Price Adds 12%, UNI/USDT May Double to $20 in a Breakout Trade

The UNI/USDT price is up 11 percent on the last day.

UNI price bulls are in control.

In a bullish breakout pattern, every low may provide an opportunity for traders aiming at $40. From the daily chart, the immediate support is the middle BB and $15.

On the upper end, substantial gains above $24—Feb 12 high opens up the UNI price to $40 or better. It is the 2.618 Fibonacci extension level of September 2020 to Jan 2021 trade range. However, the pace of this expansion depends on the strength of breakout above $23.

If the participation is high, exceeding those of Jan 27 (Binance’s data), the UNI price can quickly roar to $40 in the medium term, doubling as a result.

An unexpected compression from spot rates may push UNI/USDT back to $15 in a retest.

Chart courtesy of Trading View

Disclaimer: Opinions expressed are not investment advice. Do your research.

cryptotelegram-telegram-banner

Passionate about Blockchain, Crypto, Blockchain, and Bitcoin. Excited of what lies ahead. Advocating adoption. HODLer!

Trending