Uniswap Price Prediction: UNI bulls contemplate 20% gains
- Uniswap price has been on an exponential rise for the past 48 hours.
- This ascent triggered MRI to flash a sell signal, which will pause the ascent.
- A 20% upswing to $31.39 is likely after a minor retracement.
Uniswap price tried to undo the September 7 crash in the last 48 hours but is currently experiencing a slowdown. As the buyers recuperate, UNI is likely to go on another explosive uptrend.
Uniswap price opts for a tactical timeout
Uniswap price created a triple bottom pattern above the 50% Fibonacci retracement level at $21.49. The resulting price action pushed UNI up by 28% to $27.49. This sudden growth has triggered the Momentum Reversal Indicator (MRI) to flash a sell signal in the form of a red ‘one’ on the 6-hour chart. This technical formation forecasts a one-to-four candlestick correction.
Therefore, investors can expect Uniswap price to retrace to $26.87 or $25.47. Doing so will allow the buyers to recuperate and come back stronger.
The resulting upswing will push UNI to the September 17 swing high at $27.63 and make a run toward the range high at $30.02.
In some cases, Uniswap price might even tag $31.39 or $31.77. This ascent constitutes a roughly 20% gain.
UNI/USDT 6-hour chart
Regardless of the optimism around Uniswap price, if the bulls fail to defend the retracement at $25.47, it will indicate a weakness among buyers and increased selling pressure.
If this move were to occur, market participants could expect UNI to retest the $23.85 support floor. A breakdown of this barrier will invalidate the bullish thesis and trigger a further descent or consolidation.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
