Uniswap Price Below $5; Can UNI Bounce Back?
Uniswap and its decentralized trading protocol took a huge jump in 2021, taking a hit from $3 to $43. UNI is quite unique compared to traditional digital currencies, and it functions on a decentralized P2P exchange that makes use of an (AMM) Automated Market Maker.
This technology allows crypto assets’ trading while improving the functionalities of traditional exchanges. Being linked to Ethereum has enabled smart contracts to earn interest, and Uniswap provides liquidity directly from liquidity providers.
Uniswap network took the whole crypto world by surprise when it launched the UNI coin on Sep 17, 2020. UNI has a market cap of $3,582,691,742, with 73% of its token already in circulation.
Uniswap token has stiff resistance near its $6 and support levels of $3.2, and the stiff resistance is developing near the 50 Days Moving Average. After falling significantly from the ATH of $44.97, Uniswap is headed downwards since Bitcoin is also under near-term lows.
The UNI price movements may take the coin to a higher point pegged around $15, followed by a prompt sharp correction by the end of 2022. Check out our UNI price prediction to know how the token will perform in the long run.
According to the Uniswap price forecast, there may be bullish momentum taking the Uniswap price to continue towards a minimum value of $15 by December 2022.
The UNI token value has taken a huge hit and trades in a narrow consolidation zone between $3.2 and $6. However, RSI has taken a huge jump from its June 2022 lows to the peaks, marking a significant gain within a few days.
While the MACD indicator has already embarked on the bearish crossover pattern that indicates a further decline in its market value in the next few days, Uniswap should be considered a long-term investment based on the viability of crypto transactions. UNI token may have to wait a few more years to regain its peak valuation and attempt a per token value of above $50.