- Uniswap price is up 3% on the week.
- UNI could set up a move towards $10.
- The swing low at 5.23 can be used as an invalidation of the bullish thesis.
Unswap price shows bullish cues after experiencing the largest sell-off in 2023 last week. Traders should watch the UNI price closely to participate in the next volatile price movement.
Uniswap price shows bullish potential
Uniswap price has experienced mixed signals in the past two weeks. While the digital asset fell by 7.5% last week, it has recovered somewhat, with a 3% increase this week. This up-and-down price action has been a reflection of the general sentiment in the crypto market.
Uniswap price currently auctions at $6.58. On February 15, the bulls reconquered the 8-day exponential moving average, providing a positive short-term outlook for the Ethereum-based exchange token.
The Relative Strength Index (RSI) is an indicator that is used to gauge kinetic potential of a trend. At the time of writing, the RSI shows bullish divergences between the consolidation phases at $5.43 (which occurred during UNI’s winter rally) and the current range low at $6.23. These bullish divergences indicate that UNI’s winter uptrend is still intact and ready to create the next leg up
Considering these factors, Uniswap price may be on pace to challenge liquidity levels above $10. The bullish scenario creates the potential for a 53% increase in market value.
UNI/USDT 1-Day Chart
The swing low at 5.23 can be used as an invalidation of the bullish thesis. If UNI breaks below this level, it could lead to a decline targeting liquidity levels as low as $4.44, resulting in a 32% decrease from UNI’s current price today.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Three Arrows Capital demands $1.5B increase in the FTX lawsuit
Liquidators managing Three Arrows Capital's (3AC) bankruptcy have filed a motion to raise their claim against FTX from $120 million to $1.53 billion. Bloomberg reports that FTX allegedly liquidated and seized around $1.33 billion in assets from the hedge fund to settle debts just two weeks before 3AC’s collapse.
Missing crypto influencer Kevin Mirshahi found dead in Montreal Park
Authorities report that the remains of Kevin Mirshahi, a prominent crypto influencer who was abducted in June, have been found in a Montreal park. Local police informed “The Gazette” that a passerby found the grim discovery on October 30 in Île-de-la-Visitation Park.
XRP struggles near $0.7440, could still sustain rally after Robinhood listing
Ripple's XRP open interest has declined by over 10% in the past 24 hours. Robinhood's listing of XRP could serve as a catalyst for renewed demand. XRP continues to struggle near historically strong resistance after sustaining another rejection at $0.7440.
Dogecoin price forecast: Miners offload $240M as DOGE approaches risk zone
After reaching a three-year peak of $0.43 on November 12, Dogecoin price wobbled 13% to find support at the $0.38 level on Wednesday. Miners capitalized on Trump’s recent D.O.G.E confirmation statement to offload 620 million DOGE in the last three days.
Bitcoin: Further upside likely after hitting new all-time high
Bitcoin hit a fresh high of $76,849 on Thursday as crypto-friendly candidate Donald Trump won the US presidential election. Institutional demand returned with the highest single-day inflow on Thursday since the ETFs’ launch in January.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.