- Uniswap price has rallied by 8% since the start of the new year.
- UNI partners with Moonpay, successfully launching Uniswap's first Fiat-to-Crypto onboarding system.
- The bulls have crossed over two key moving averages, citing the potential for a challenge of December's swing high.
Uniswap price recent countertrend attempt could be the start of a much larger move. Market sentiment also seems high in favor of a bullish outcome as per UNI’s recent tech partnership with Moonpay.
Uniswap price signals optimism
Uniswap price is worth keeping an eye on during the early stages of 2023. Since January 1, the UNI price has risen by 8% as the bulls have reconquered December's broken support zone. The move north has shown confounding evidence to suggest that more gains will be made in the coming weeks.
Uniswap price currently auctions at $5.56. The recent hike has enabled the bulls to blow past the 8-day exponential and 21-day simple moving averages. Based on classical technical analysis methods, the Ethereum-based DEX token should be shown enough evidence to challenge higher liquidity levels. The next key area to aim for would be a 61.8% retracement level of December's trading range at $5.88 for an additional 8% rise. The second target would be December's swing high at $6.55, an 18% hike from UNI's current market value.
The bullish technicals come at an optimistic time in the market for Uniswap investors. On December 20, UNI developers announced their partnership with the financial tech company Moonpay. The duo successfully launched Uniswap's first fiat-to-crypto onboarding system.
The new implementation gives investors access to a wide variety of cryptocurrencies that can be purchased with a debit card, credit card or bank account directly from the Uniswap Web App. The software implementation solves a core issue for newcomers and crypto enthusiasts looking to invest on the fly quickly.
UNI/USDT 1-day chart
Considering these factors, UNI seems very promising in the short term. However, a swipe below the $4.60 liquidity zone could wreak havoc on the bullish momentum. If the breach occurs, the UNI price could continue south in the coming months to challenge the 2022 yearly low at $3.30. The Uniswap price would decline by 40% if the bears were successful.
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
US presidential election outcome could shape the future of crypto
US citizens will go to the polls to elect a new president on November 5, and their choice could be key for the future of the crypto industry and thus the price outlook for Bitcoin (BTC).
Bitcoin ETFs beat Gold ETFs with 65% gain since launch
Bitcoin ETFs have reshaped the digital asset investment landscape since their approval in January. Their total assets under management climbed over $70 billion during the weekend, placing them ahead of other investment products, including gold.
XRP eyes 10% rally amid relisting across crypto exchanges and growing institutional demand
Ripple's XRP is trading at $0.5050 up slightly by 0.2% in the past 24 hours as it struggles to sustain a move above a key symmetry triangle resistance. Meanwhile, in its recently released Q3 report, Ripple noted the rising listing and relisting of XRP across crypto exchanges and global platforms.
Ethereum Price Forecast: ETH struggles below $2,500 amid State of Michigan pension fund investment in ETH ETF
Ethereum is trading near $2,420, down about 1% on Monday, but could bounce off a key descending trendline close to the $2,258 historically high demand zone. Meanwhile, the State of Michigan pension fund revealed an investment of $11 million in ETH exchange-traded funds.
Bitcoin: New all-time high at $78,900 looks feasible
Bitcoin price declines over 2% this week, but the bounce from a key technical level on the weekly chart signals chances of hitting a new all-time high in the short term. US spot Bitcoin ETFs posted $596 million in inflows until Thursday despite the increased profit-taking activity.
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.