Analysis

Uniswap Price Analysis: Should You Add UNI to Your Watchlist?

Uniswap was founded in 2018 and acquired Genie in 2022. Genie is the first NFT aggregator, enabling NFT integration across all Uniswap products. This step is a huge boost to the Uniswap community. As a decentralized exchange, it allows users to make transactions without any third-party intermediaries.  

Hayden Adams founded this network with the purpose of creating a decentralized crypto exchange that provides liquidity in the system. Moreover, all the facilities are open and censorship-free, which cannot be stopped unless the facilitator stops. There are many other factors behind its popularity; if you are interested in buying the Uniswap for the long term, read our UNI coin price prediction.

 At the time of writing this post, UNI was trading around $5.6. Based on the technical analysis, $5 is strong support for this coin, and on the upper side, Uniswap will face initial resistance around $7 and a strong resistance around $9.25.

We think it is an ideal time to invest for the short term, but if the crypto market continues the positive momentum in the next few months, it will break the resistance decisively.

Most technical indicators of the UNI tokens are neutral; candlesticks are forming in the lower range of the Bollinger Bands but are increasing volatility and suggest short-term bullishness on the daily chart.

On the long-term chart, UNI has been consolidating with a range of $11 and $4. The price has taken support around $4, then it has formed another higher low around $5, so it can be a sign of bullishness, but long-term technical indicators are not bullish at this time.

We think it is not an ideal time to invest for the next few years until it breaks the long-term resistance. Traders may add Uniswap to their watchlist and invest when it breaks the resistance.

Related Articles

Leave a Reply

Your email address will not be published.