Uniswap (UNI) Price Prediction 2023 – When will UNI hit $100?
One of the popular decentralized protocols, Uniswap, is familiar with automated trading in decentralized finance (DeFi) tokens. The native token of this trading platform is UNI, which showed bearish pressure in recent days. As a result of this, many crypto tokens showed downside pressure, and there is no sign of recovery based on the current price action.
Uniswap launched the business in November 2018 and gained popularity in 2021 due to the massive surge in the DeFi phenomenon and increase in token trading. In addition, this platform has a strong position in automated trading, where it is open for all who hold tokens, improving the efficiency of crypto trading.
Uniswap increased the trading efficiency by improving the liquidity issues in automated solutions, which is the major problem in other decentralized exchanges. Despite the strong position in the automated trading sector, the native token of this platform, UNI, failed to show an attraction to bulls by forming buying price patterns. The current price is trading within a bullish channel backed by a bearish trend where investors need close attention.
Currently, 632,251,815.70 UNI are in circulation against the total supply of 1,000,000,000 UNI. In the last 30 days, the price showed a 50% loss by moving from $18.10 to $9.63 level, whereas the UNI Price Prediction showed that the trading volume tumbled 32% to $181,435,486.34 in the last 24 hours.
So, Is Uniswap (UNI) a good investment?
Let’s see the Uniswap (UNI) price prediction from the UNI Forecast:
Uniswap (UNI) Bulls Await A Clear Price Direction
In the UNI/USDT daily chart, the price made multiple lower lows, indicating that bears are strong in the price where at least one bullish break of structure is needed to rely on the buying momentum. However, if we draw a trendline from November 2021 high to January 2022 high, we would see that the price is trading below the trend line where bulls should wait for a breakout before relying on the buying pressure.
The above technical analysis shows how the price is trading within the bullish channel where the MACD Histogram is bullish. Although the price showed a divergence with MACD lines, the buying possibility is not valid yet.
Based on the daily Uniswap Price Prediction, investors should consider the current price momentum as bearish as long as it trades below the dynamic 20 EMA in the daily chart. In that case, a bearish channel breakout might lower the price towards the 7.00 key support level in the coming days. On the other hand, any bullish trendline breakout with a daily candle above the 14.00 level might be the primary sign of the possible bullish pressure. The ultimate target of the trend will be towards the 28.00 area.
UNI/USDT Ichimoku Cloud Analysis
According to the Ichimoku cloud in the H4 chart, the UNI/USDT is trading within a corrective momentum where the thickness of the Kumo Cloud is thin, indicating indecision to the existing trend. Moreover, the price failed to show a stable momentum below or above the Kumo Cloud, where the Senkou Span B is flat in the future cloud. As a result, the broader market context is indecisive, where a breakout may make the price stable.
The above technical analysis shows that the most recent price moved below Tenkan Sen and Kijun Sen, dynamic levels where the price is aiming lower. Meanwhile, the RSI is approaching to oversold 30 levels where a bearish pressure below the 10.00 support level would resume the current selling pressure.
On the other hand, bulls should wait for the price to move above the 12.13 resistance level with a bullish H4 close to considering the upcoming price pressure as bullish. In that case, the primary target of the buying pressure will be towards the 14.00 level.
UNI/USDT Intraday Price Action Analysis
According to the H4 price action, the overall market direction of the UNI/USDT is bearish as it is trading below the dynamic 20 EMA with multiple lower lows. Moreover, the most recent price faced selling pressures from intraday high volume levels that may complete the bearish channel by reaching the 10.00 key support level.
The above technical analysis shows that the traders' dynamic index is aimed lower below the lower part, indicating that bears are active in the price. Moreover, the dynamic 20 EMA and weekly VWAP are above the price and working as minor resistances. Therefore, the primary target of the current selling pressure is towards the 10.00 level from where a buying pressure may come. On the other hand, an immediate rebound and the H4 close above the 12.13 static resistance level might alter the current market structure and higher the price towards the 14.00 area.
Is Uniswap (UNI) A Buy?
According to the Uniswap Forecast, the broader market context for this trading instrument is bearish, where bulls should remain cautious before opening any buying position. However, a bullish break of structure in the daily chart by breaching the near-term resistance and an H4 close above the dynamic Kijun Sen would be a solid buying point for this instrument where the primary target would be the 18.00 level.
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