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Uniswap Price Triples in 3 Weeks, Will UNI/USDT Reach $23?

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The Uniswap price is trading at around 2021 highs above $13. Buyers are likely building on Jan 26 gains.

As of writing on Jan 27, the UNI/USDT price is changing hands at $13.56, adding eight percent on the last day and outperforming both ETH and BTC by a ballpark 10 percent.

For volume traders, the breakout is firm. Buyers are in control since the uptrend is with decent participation. For instance, the last day’s average daily trading volume is up seven percent to $1.8 billion.

Yesterday’s bar is with relatively high trading volumes, building on gains of Jan 24 in a buy trend continuation pattern.

Uniswap (UNI) Price Overview

Technically, the Uniswap price is trading in a bullish breakout pattern following yesterday’s high-volume break to 2021 highs.

With an uptick in participation, the path of least resistance is northwards. Setting precedence is the Jan 26 bull bar confirming Jan 24 gains, pointing to demand in lower time frames.

This translates to high momentum visible by candlestick bars banding along the upper BB. The divergence between the upper and lower BB also points to high volatility, a factor that traders often watch out for as opportunities for better profitability (or to cut losses).

A cool-off and a subsequent ranging market within the Jan 24 to 26 trade range supports buyers. Therefore, with a clear trend and determined bulls, every low, for aggressive traders may provide an opportunity to buy the dips.

Immediate support will be at around $9, or Jan 24 lows.

On the other hand, buyers can aim at Sep 17 highs of $15–the day of Uniswap announced UNI launch and distribution.

Uniswap (UNI) Market Movers

The Uniswap protocol is an easy-to-use swapping platform for ERC-20 tokens. It is the largest DEX in the world, and UNI is its native token.

As one of the most active DeFi protocols, the first version of Uniswap rakes more revenue for miners than Bitcoin Cash, Litecoin, and even Polkadot.

On Jan 25, Uniswap generated more fees than Bitcoin:

Leading venture capitalists are invested in Uniswap. One of them is Coinbase Ventures. Analysts say this is why UNI has Coinbase support.

Wrapped Secret token, the first to launch on the interoperable Cosmos, is now live on Uniswap. Secret is a privacy-centric platform. Its bridge to Ethereum went live in December.

DIGG, the BTC tracking token native to BadgerDAO, also has a liquidity pool in Uniswap.

All the above points to activity, a development that may buoy UNI prices in the future.

UNI Price Prediction

Uniswap Price Triples in 3 Weeks, Will UNI/USDT Reach $23?

The UNI price is on a tear, more than tripling in three weeks.

In a parabolic rise, the UNI/USDT price will likely reach $15 in the immediate term. This is the Sep 17 highs and the coin’s all-time highs before the contraction of October and November.

Notably, the UNI/USDT price found support at around the 78.6 percent Fibonacci retracement level of Sep 17 high low.

If this guide, the odds of a retest of $15 is highly likely. Accordingly, this can be the first bull target following the break to new 2021 highs.

A break above $15 will place the next target at $23, the 1.618 Fibonacci extension level of the Sep 17 trade range.

However, for now, the immediate support line is at $11. This is Jan 26 lows and the 23.6 percent Fibonacci retracement level of the Sep 17 trade range.

Sharp losses, unwinding Jan 26 gains, with equally high trading volumes could slow down buyers with subsequent confirmation nullifying buyers’ prospects.

Chart courtesy of Trading View

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

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