Uniswap remains at the top of the Defi industry due to its implementation of the AMM (Automated Market Maker) model. It has become a role model among other decentralized exchanges. The better user experience, availability of assets, and opportunity of generating passive income from providing liquidity have grabbed massive users' attention to this platform.
The result of the user's attention is clear from the 1243% yearly gain in 2021. However, the native token of the platform UNI is currently 64% down from the yearly opening.
As a native token to the platform, UNI is distributed to liquidity providers within the exchange to support the platform’s overall liquidity. Still, UNI is one of the most profitable airdrops, while its price is highly undervalued.
The current circulating supply of this token is 745,894,489.51 UNI, representing 75% of the total supply of 1,000,000,000 UNI. In the last 24 hours, this token experienced a 45.62% increase in trading volume to $160,471,987. The total market cap of this token is $4,888,723,337, allowing it to remain within the top 20 tokens in the Coinmarketcap listing.
Let’s see the Uniswap (UNI) Forecast today from the Uniswap (UNI) Price Prediction:
Uniswap (UNI) Bears Need A Range Breakout
Uniswap native token UNI is trading corrective within a rectangle pattern, backed by strong bearish pressure from the 9.60 swing high. The current price is still below the 50% level from the August high to the September low.
The highest trading volume from the existing bearish trend is at the 7.06 level, which is above the current rectangle pattern. It is a sign that investors' activity within the box pattern is not significant to form a bullish breakout. The dynamic 20 EMA approached the price, and a daily candle formed a bearish rejection from that level.
The Relative Strength Index (RSI), a unique tool to find the peak and bottom of a trend, shows a corrective pressure below the 50% level for a considerable time.
This technical analysis shows how bears are more favorable than bullish, where any bearish breakdown from the rectangle support would open a short opportunity. This could open a possibility for bears to grab a selling momentum towards the 3.34 support level.
Conversely, an immediate bullish recovery with a daily close above the 7.24 static level is needed to consider it a trend change. In that case, bullish may grab a buying opportunity targeting the 9.60 resistance level.
UNIUSD Ichimoku Cloud Analysis
According to the Ichimoku cloud Uniswap price prediction, the current price trades sideways above the Kumo Cloud, where a new swing high would indicate a possible buying pressure in the price.
The future cloud shows that the Senkou Span B is flat while the Senkou Span A aims higher with buying pressure. It signifies that short-term bulls are active in the market while medium-term traders are still indecisive. Moreover, the Lagging Span is above the price, where any buying pressure would come with solid momentum.
Based on the H4 Uniswap UNI Price Prediction, the primary idea is to consider it a buy as the current price trades above the Kumo Cloud, while the dynamic Kijun Sen is working as a support level. In that case, any bullish H4 candle above the 6.75 swing high would validate the buying pressure towards the 8.66 level.
The alternative approach is to wait for the price to come below the 5.94 level with a bearish H4 candle before aiming toward the 5.00 key support level.
UNIUSD Intraday Price Action Analysis
The visible range trading volume indicator shows that the highest trading volume level from 17 August to 10 September is at 6.32 level, just below the current price. Moreover, the intraday high volume levels made consecutive higher highs from the near-term swing low, with a possibility of a bullish breakout.
The near-term dynamic levels are below the price, sloping higher, indicating a near-term support level to provide bullish momentum in the price. The indicator window shows a buying momentum from the MACD Histogram where the current Histogram is above the neutral line for a considerable time.
Based on the H4 Uniswap (UNI) Forecast, the buying pressure in the UNIUSD is valid as long as it remains above the dynamic weekly VWAP level. In that case, the main aim is to test the 8.00 psychological level as a near-term target area. On the other hand, breaking below the 5.95 level would invalidate the buying momentum and open the room for testing the 5.00 level.
Is Uniswap (UNI) A Buy?
According to the UNI Price Prediction, the UNIUSD daily price needs a breakout with solid momentum before setting a price direction. The broader market trend is bearish, where multiple confirmations are needed before relying on the bullish breakout and a trend change.