Uniswap (UNI) is on a downhill trend. At the time of writing UNI coin stands at a price level of $17. The price has slightly increased in the daily timeframe, although not so much to reverse the bearish trend. The daily trading volume is falling rapidly with a decrease of 35% in the past twenty-four hours. Uniswap is the eleventh largest cryptocurrency in the market and one of the most famous decentralized exchange.
Uniswap (UNI) Technical Analysis
The market sentiment for Uniswap is bearish. Out of the total twenty-six technical indicators, fourteen are giving out a signal of sell while ten stand at a neutral position with only two indications of buy. The oscillators are neutral in the twenty-four-hour timeframe while the moving averages are strongly bearish.
Uniswap has broken off from an ascending channel formation as the bearish momentum overtook the market. UNI crypto had been declining quicky along a downward resistance line. The cryptocurrency is fast approaching a strong support level at $13. UNI coin is expected to stabilize in the region and if the support level holds, Uniswap will be able to reverse its trajectory. In that scenario, Uniswap’s first price target would lie at the Fibonacci retracement level of 0.382 which lies parallel to the price level of $25 followed by $32.
Uniswap (UNI) future in 2021
The future projections of Uniswap (UNI) are extremely bullish despite the recent downtrend in the market. Wallet Investor’s projections show the coin to reach towards $70 in one year while the five-year forecasts project a staggering price level of $274. Digital Coin Price’s projections are not as bullish but Uniswap is still expected to go up. Uniswap is predicted to be operating at $50 in 2025.
