This Uniswap (UNI) Price Prediction 2021 article is based on technical analysis alone. Below, you will see the key metrics that we have taken into consideration upon coming up with our UNI price analysis and prediction.
Uniswap (UNI) continues to be one of the active cryptocurrencies in crypto space. As a matter of fact, the crypto is now one of the top 15 cryptos in CoinGecko in terms of market capitalization. Indeed, this is a performance level that could catch the attention of traders and investors globally.
Furthermore, the crypto recorded an over 55% growth rate in the past 30 days, an uptrend position. Today, UNI bounces back from its bearish dip last July 21 and trades at a high price of $26.1. For this reason, UNI has performed at an increased rate of 12% in the past 14 days. If this trend keeps on, UNI might create a new all-time high record in no time.
Table of Contents
What is Uniswap (UNI)?
Uniswap is a famous decentralized trading system which is used in facilitating automated trading of decentralized finance (DeFi) tokens. Moreover, Uniswap is an automated market maker (AMM) launched in November 2018, however, gained popularity this year and also increased in token trading.
Uniswap focuses on keeping the trading token automated and completely open to anyone who holds tokens. Even more, it improves the efficiency of trading vs that on traditional exchanges. More so, Uniswap develops more efficiency by solving the issue of liquidity with automated solutions, in avoiding the issues which plague the first decentralized exchanges.
In September 2020, Uniswap went a step further by developing and rewarding its own governance token, UNI, to past users of the protocol. Furthermore, this adds both profitability potential and the ability for users to shape its future, an attractive aspect of decentralized entities.
Now that we have answered the question “What is Uniswap?”, we can proceed to our Uniswap price analysis.
UNI Current Market Status
As of the time of writing this Uniswap price analysis, UNI trades at $26.11 with a 24-hour trading volume of $417,784,345. The price of UNI has decreased by 7.79% in the last 24 hours.
Furthermore, UNI has a current circulating supply of 66,752,415 UNI. Currently, the top cryptocurrency exchanges for UNI are Binance, Huobi Global, OKEx, FTX, and Tokocrypto.
Now, let’s proceed to the next part of this UNI technical analysis 2021.
Uniswap (UNI) Price Analysis 2021
Currently, Uniswap holds the 11th place on CoinGecko. But will the latest upgrades, developments, and changes in the UNI blockchain help the cryptocurrency price to reach higher? Let’s proceed to the charts in this UNI price prediction article.
The above chart shows the Ascending Channel pattern of UNI. This is a bullish pattern which is formed by joining higher highs and higher lows. Based on the graph above, Uniswap was able to defend its position well against the bears in the early days of the month.
In other words, UNI is gearing itself for a possible bullish rally in the days to come. If this happens, the crypto might go beyond its $31.51 resistance level and reach the bullish price of 45.33. Of course, this is most likely to happen if the bullish market continues to reside with Uniswap.
Conversely, if the bulls turn against the crypto, the price of UNI might fall. In short, UNI might break out from its uptrend position and nosedive to a bearish price of $20.56 to $13.9. Indeed, this price level is not a good picture in the eyes of the investors.
The Relative Strength Index (RSI) is close to 50.42, which means that UNI is neither overbought nor oversold. Hence, this may lead to a price reversal at any given time.
Therefore, traders must trade crypto carefully and must not be affected by the market hype. Keeping all this in mind, traders can be aware and move away from unexpected losses due to the crypto market’s wild swings.
Let us also look at the Simple Moving Average (SMA) and the Exponential Moving Average (EMA) of UNI.
Since the start of 2021, UNI’s price has seen many bullish moves which are higher than the previous one. More so, these are followed by fluctuations, consolidation, and corrections right away. Taking this into consideration, UNI has a competitive market until the end of 2021.