Uniswap (UNI) has gone below the lower limit of its upward channel suggesting that the rate at which it is climbing up is lessening. The currency is now facing resistance near 7.70 levels. This position could produce negative reactions, although a break above 7.70 may imply optimism.
The Negative Volume Balance notes that trading volume for downward price changes is higher than that for ascending prices, thus indicating deteriorating investor trust. The RSI (Relative Strength Index) has just fallen below 30 after weeks of falling prices; hence, UNI shows strong negative momentum, suggesting further bearish trends ahead. Still, low RSIs may mean that an asset is oversold, especially with respect to prominent stocks, thereby creating an opportunity for a bullish reversal.
Uniswap’s (UNI) current price stands at $7.50 following its last update, accompanied by 24-hour trade volumes amounting to $256.95 million and a market cap valued at $4.49 billion. In the past day, UNI price has slightly decreased by 0 .57%.
Uniswap (UNI) Potential Short-Term Rally: Targets $10 Mark
Despite these bearish signals, crypto expert Ali Martinez shed light on an intriguing development in a recent analysis: the TD Sequential indicator has just flashed a buy signal on the daily chart for Uniswap. This signal suggests that $UNI might be gearing up for a short-term rally lasting anywhere from 1 to 4 days.
With this bullish momentum, there’s speculation that the price of $UNI could surge to reach the $10 mark. Investors and traders are keeping a close eye on this potential uptrend, poised to capitalize on any favorable movements in the market.
Uniswap’s Potential 12.33% Surge to $8.47 by April 21
However, the latest Uniswap price forecast by Changelly is also optimistic. Analysts predict that it will increase by 12.33%. By April 21, 2024, this projection shows that Uniswap could be valued at $8.47.
Changelly’s technical analysis suggests a Neutral Bullish sentiment of 55% in the market for Uniswap. Also, the Fear & Greed Index has a score of 66, implying that investors are more prone to greedy behaviour.
Cryptocurrency experts, based their predictions on the price fluctuations observed at the beginning of 2023, predict that UNI’s average rate will equal $9.97 come April 2024. The expected price spread ranges from $9.81 at a minimum to $10.12 at a maximum value. This means an estimated return on investment (ROI) of up to 27.4% for those contemplating putting their money into Uniswap.
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