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.

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