Uniswap coin has been trending downwards but as the cryptocurrency market regained some bullish momentum so did Uniswap. At the time of press, Uniswap coin stands at a price level of $15.62. The price has increased by 6% in the past twenty-four hours while the daily trading volume has also been increasing. Although in the weekly timeframe, Uniswap has declined by nearly 10%.
Uniswap Coin Technical Analysis
The market sentiment for the cryptocurrency continues to be bearish. Out of the total twenty-six technical indicators, fourteen are standing at a position of the sell while seven indicators are standing at a neutral position with five bullish indicators. The oscillators are bullish while the moving averages are bearish.
Uniswap coin has been identified to be operating in a descending channel formation. The cryptocurrency has been oscillating up and down inside the formation. Per a trader’s analysis, the cryptocurrency is expected to test the lower boundary as support, and once established, an upside pullback can be expected from Uniswap coin. On the upward move, Uniswap can reach towards the upper boundary at $14.45. Although the price target is lower than the current price, it will provide a good return from the low.
Uniswap Coin Future Prospects
Uniswap is one of the most popular decentralized exchange or also known as an automated market marker. The exchange provides a better alternative to centralized exchanges for those who want greater control. The future potential of the cryptocurrency is huge. A testament to the protocol’s importance is Uniswap making up more than 50% of the market cap of Grayscale’s new DeFi fund.
According to the estimates of Wallet Investor, Uniswap coin will be trading hands at $53 in a year’s time while the five-yea price is predicted to be at $200. Digital Coin Price is also bullish on the cryptocurrency, albeit not as much. Per their estimates, Uniswap coin will end the year with a price level of $23 and reach towards $71 by 2028.