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Uniswap’s UNI token has found itself caught within the throes of an incredibly intense consolidation phase throughout the past couple of days, which comes close on the heels of it experiencing an intense downtrend that led it towards lows of $3.60.
Although UNI is currently trading 10% above these recent lows, the token’s price is still in a precarious position, as it appears to be coiling up to make a big move in the near-term.
If bears regain control of BTC and the entire market, UNI could be struck hard and post notable losses.
Currently, the Uniswap token’s post-launch lows sit around $1.00, but these were only tapped for a brief moment immediately after its launch.
After developing a more stable market dynamic, UNI eventually dropped to lows of $3.50 following its peak at $8.50.
If this level is broken below during any potential downtrend, it could have grave implications for BTC and the aggregated crypto market.
One analyst does believe that an upwards move, however, could strike a serious blow to bears and allow UNI to rally all the way up towards highs of $5.30.
Uniswap’s UNI Enters Consolidation Phase Alongside Aggregated Market
Uniswap’s governance token is seeing some relatively uninteresting price action, consolidating below $4.00 as the entire crypto market sees waning volatility.
At the time of writing, UNI is trading sideways at its current price of $3.92, which marks a notable rebound from its weekly lows of $3.60 that were set at the bottom of the recent market-wide selloff.
The cryptocurrency’s ability to rebound from these lows and stabilize around its current price is positive. However, there’s still serious work to be done by bulls if they want to catalyze any further upwards momentum.
Analyst Claims UNI Could Soon Rally to $5.30
There’s a possibility that UNI will soon see significantly further upwards momentum.
One analyst is eying a move up towards $5.30 in the near-term, noting that this could occur if bulls are able to surmount its $4.15 resistance level.
“Overall not too much interest in altcoins at this point as the market is not showing much strength. For UNI two plans: – Reclaim of $4.15 would initiate further momentum towards $5.30. – Otherwise looking at $3.30 for a test there.”
Image Courtesy of Crypto Michaël. Chart via TradingView.
Where the entire market trends next will likely depend largely on Bitcoin, with altcoins like Uniswap’s UNI simply seeing more drastic movements.
Featured image from Unsplash. Charts from TradingView.
