Uniswap Price Prediction: UNI prepares for a 22% run-up

Uniswap price has bounced off the weekly support at $14.97, signaling the start of an uptrend.
Investors can expect UNI to revisit $18.67 after a minor retracement.
A four-hour candlestick close below $14.97 will invalidate the bullish thesis.

Uniswap price has created a double bottom around a crucial weekly support level, resulting in a new uptrend. Although there might be a minor retracement, investors can expect the recent bullish outlook to persist.

Uniswap price to kick-start a new leg-up

Uniswap price set a higher high at $16.64 after bouncing off the $14.97 weekly support level twice in the last four days. This development resulted in a quick run-up which seems to have hit a temporary ceiling.

Market participants can expect Uniswap price to undergo a minor retracement as preparations for the next leg-up. Assuming UNI retraces to $15.33, investors can open a long position there, expecting the next rally to propel the token to retest the weekly resistance level at $18.67.

Investors can take profit at the level mentioned above or wait for a sweep of the $19.61 hurdle to collect the buy-stop liquidity resting above it. Either way, Uniswap price looks primed for another leg-up.

UNI/USDT 4-hour chart

While things are looking up for Uniswap price, a failure to hold above the weekly support level at $14.97 will indicate weakness among buyers.

If sellers take over, UNI could crash to the immediate support level at $13.88, where buyers will have another chance at a comeback. If Uniswap price produces a four-hour candlestick close below the aforementioned support, however, it will create a lower low, invalidating the bullish thesis.

Share: Cryptos feed

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.