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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Uniswap (UNI) Likely To Reach $7 – If Token Overcomes This Resistance Level

Christian Encila
Christian Encila
2 years ago
3 mins read
Uniswap

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Uniswap is not looking good right now. UNI, the governance token of the decentralized exchange platform bearing the same name, must be able to muster enough energy to regain momentum and hit its target. 

  • Uniswap’s key support levels are $5.7 and $5.2
  • UNI price can go as high as $7, with a push for $8 also highly possible
  • An extended bearish run is still possible if breakdown below support marker occurs

According to tracking from Coingecko, at press time, the cryptocurrency is trading at $6.20 and is currently down on intraday, weekly and monthly periods.

Over the last 24 hours, Uniswap went down by 2.8% while on a seven-day period the asset is dealing with 8.2% price decline.

Its year-to-date loss is huge, being down by 76.4% and UNI already lost 86.2% of its all-time high price of $44.92 attained last May 3, 2021.

But despite all of these negative price numbers, investors could be looking at a bull run for the 17th largest cryptocurrency in terms of market capitalization.

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How UNI Can Hit The $7 Marker

Analysis from its daily timeframe chart shows the altcoin’s price has incorporated itself into an inverted head and shoulder pattern, putting itself in a good position to start a bullish rally.

Chart: TradingView

Investors need to keep their eyes open for two crucial support levels for Uniswap, $5.7 and $5.2, as they are significant points for buyers to initiate and sustain a price recovery.

With the nature of its current price pattern, UNI could be in a position to make a 10.6% jump and finally hit the $7 level.

There is an even better scenario for Uniswap, as success in buyers’ attempt to sustain the $5.66 support level and push to the $7 marker would mean accelerated surge for the digital asset all the way to $8.

Caution is still advised though, as breakdown below the $5.2 support will wash away all hopes for the aforementioned price rally and will mean extended bearish run for Uniswap.

Uniswap Labs Completes Successful Funding Round

Perhaps one key driving force for the forecasted bull rally for the cryptocurrency is the recently completed funding round of Uniswap Labs.

Motivated by its goal of broadening its offerings, the parent company of the largest decentralized exchange pulled all strings it could and raised $165 million in its Series B fund-raiser.

The round, that pushed the firm’s valuation to $1.6 billion, was led by Polychain Capital and featured loyal supporters such as a16z crypto, SV Angel, Variant and Paradigm.

Uniswap Labs, in recent months, have been very vocal about its plans to add several new offerings which include a wallet system and enabling customers to trade non-fungible tokens (NFTs) to Uniswap from different market places.

The successful funding round will certainly help the company in that department, not to mention aid in pushing UNI price to higher levels before the year ends.

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Dogecoin Can Regain Losses If DOGE Extricates Itself From This Level

2 years ago
UNI total market cap at $4.67 billion on the daily chart | Featured image from Inc Magazine, Chart: TradingView.com
Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

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