Uniswap Price Prediction: UNI downtrend targets $3

Uniswap Price Prediction UNI downtrend targets $3

In Short

  • Uniswap price is at a 9% loss of market value since the start of the month.
  • UNI shows a strong confluence level 50% below the current auctioning price. 
  • Invalidation of the bearish trend is a breach above $6.23.

Uniswap has traded range bound for several months and is likely to explode in one direction.

Uniswap price to make a move

Uniswap price has been in a bear market since the beginning of 2021. As of December 22nd, the Ethereum-based swap tokens are at an 88% loss of market value since all-time highs. As devastating as the loss sounds, early investors who participated in the UNI launch in October of 2021 are still up 1,600%.

Uniswap price currently auctions at $5.33. A Fibonacci retracement tool surrounding the all-time lows and all-time highs shows the current trading range within the bounds of the 50% retracement level. If the previous low at $4.64 is breached again, UNI’s trading range could tread into the 2021 liquidity levels near $3 and below.

The 61.8% Fibonacci zone, commonly nicknamed the “Golden Pocket zone,” is positioned at $2.43. The UNI price has not retested the boundary since the 16X rally of 2021. A piercing of the boundary results in a 50% decline from Uniswap’s current market value.

UNI/USDT 1-Day Chart
UNI/USDT 1-Day Chart

The 50-month, 100-month and 200-month simple moving averages (MMA) add additional confluence that the 50% decline is possible. At the time of writing, all three indicators are coiling above the current auctioning price. Classical technical analysis traders confidently call UNI within a downtrend based on the indicator’s position in the market.

A spike and consolidation above the 50-day SMA would create bullish potential. The 50-day MMA is 17% above the current price of $6.28. A hurdle over the boundary would create the potential to retrace into the 100-day MMA at $7.87. Uniswap price would rise by 54% if the bulls were successful.

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Tony Montpeirous
Tony Montpeirous
Tony Monpeirous is a full time crypto trader and chart analyst at Coinmash and FXStreet. His style of trading includes, Elliot Wave, Auction Market Theory, and Classic Price Action techniques. When he is not on the screens, Tony enjoys music, cooking, and learning new skills.