Uniswap has been trending upwards in tandem with the cryptocurrency market. The bullish momentum of the cryptocurrency had suffered from minor pullback but regained some momentum each time. At the time of writing, Uniswap stands at a price level of $24.53. The price of the cryptocurrency has increased by 8% in the past twenty-four hours while an increase of 15% was observed in the past seven days. The daily trading volume of UNI coin has increased by nearly 40%. Uniswap is the tenth largest cryptocurrency in the market with a capitalization of $4 billion. It is one of the leading decentralized exchanges.
Technical analysis
The market sentiment for cryptocurrency is bullish due to its uptrend. Fourteen of the total twenty-six technical indicators are giving out an indication of buy. Ten indicators of the rest are standing at a neutral position with only two indicators at a bearish position of sell. Both the Oscillators and Moving Averages are bullish.
Uniswap had been operating in a descending channel formation. However, the recent bullish momentum has helped the cryptocurrency break out of the channel. The bulls have dominated the bears and the dominance can be expected to continue for a while. UNI coin is touching a strong resistance level at $23.56. The daily bullish candle has broken out of the horizontal resistance but it has yet to be confirmed. If the next candle breaks above the resistance level, then the bulls will further strengthen and the target price levels will be validated. The first target price lies at $29.24 followed by $45.05.
Uniswap price forecast
Uniswap’s future projections are bullish. According to the estimates of Wallet Investor, the cryptocurrency is expected at a price level of $54.77 in a year’s time while the five-year projection places it at $184. Digital Coin Price has similar bullish estimations for UNI. Per their projections, the cryptocurrency will end the year with a price level of $36 and climb towards $82 in five years’ time.
