Uniswap, UNI price analysis

•  Uniswap’s native token, UNI, was launched on September 16, 2020, with an initial price of around $1.00. This launch was accompanied by the airdrop of 400 UNI tokens to each user who had interacted with the Uniswap platform before September 2020.

• Uniswap, built on the Ethereum blockchain, offers a decentralised cryptocurrency exchange platform. This decentralised exchange empowers users to securely trade cryptocurrencies without the need for third-party intermediaries and without the vulnerabilities associated with centralised exchanges. Discover the benefits of trading on Uniswap and take control of your cryptocurrency transactions.

Price of UNI today

The live price of Uniswap stands at $4.1907 per (UNI / USD), with a current market capitalization of $2.46 billion USD. The 24-hour trading volume amounts to $161.64 million USD. UNI to USD price is continually updated in real-time.

Uniswap has experienced a -5.27% change in the last 24 hours, and it boasts a circulating supply of 588.19 million tokens.

On Daily timeframe level the price action of $UNI formed out descending triangle pattern level where the price action has broke out the trendline level and consolidating at its Horizontal Support level 

The price action can move up from that level as the Imbalances will fill out

Historical price of UNI 

All-Time High: UNI witnessed a remarkable price surge, soaring to an all-time high of $8.40 on March 2, 2021, just a few months after its launch. This surge was driven by a combination of factors, including the growing popularity of decentralised finance (DeFi) and the robust demand for UNI tokens.

Price Correction: Following its all-time high, the price of UNI experienced a correction, primarily influenced by market dynamics and fluctuations in the broader cryptocurrency market. Currently, the price hovers around $3.20. Stay informed about UNI’s price history and its resilience in the ever-evolving cryptocurrency landscape.

Technical Analysis

Uniswap’s recent price action has shown signs of a downtrend as it broke below the channel’s support trendline and subsequently fell below the critical $4.75-$5.00 support zone. These developments suggest a bearish trend. Now, traders are closely watching for two potential scenarios: 1) a break above the key level at $4.75, signalling a potential uptrend resumption, or 2) a pullback towards the $3.65 support level, offering a possible entry point for a swing trade (set a price alert for this).

Uniswap, as the largest decentralised exchange (DEX), has experienced increased activity, benefitting from the fallout of FTX as more traders transition to decentralised exchanges and non-custodial trading solutions.

Momentum indicators provide a mixed picture, with the MACD Line currently above the MACD Signal Line, indicating a bullish sentiment, while the RSI hovering around 50 suggests a neutral stance.

For technical levels, the nearest support zones are at $4.00 and $3.65, while the closest resistance zones are found at $4.75 (previous support) and $6.50. 

Price Prediction

In November 2023, cryptocurrency experts are forecasting a favourable trend in the price of UNI tokens. Projections indicate that UNI’s price in November may fall within the range of $3.84 to $5.08, with an average value of approximately $4.46. This implies a potential return on investment (ROI) of approximately 15.7% for investors throughout November.

To provide some context, during October 2023, the anticipated average price for UNI tokens was $4.42, with the lowest and highest expected prices hovering at $4.10 and $4.74, respectively. This presented an ROI potential of 8%.

Uniswap (UNI): Could Soon Launch on the FVM

Uniswap (UNI) is currently showing bullish signs as it goes through a significant vote within its ecosystem. Michigan Blockchain has initiated a vote to deploy Uniswap on the Filecoin Virtual Machine (FVM), according to recent Uniswap news. The FVM has seen a significant increase in adoption, with its Total Value Locked (TVL) exceeding $84 million.

This strategic move is based on the belief that integrating Uniswap with FVM aligns with Filecoin’s pivotal role as the blockchain industry’s leading storage provider. The widespread adoption of Filecoin has positioned it as the primary storage solution, and Michigan 

Blockchain anticipates that Uniswap’s multichain vision will further enhance the decentralised data economy.

In light of these exciting developments, experts are forecasting that the Uniswap price may reach $8.44 by December 2023. Stay informed about Uniswap’s potential for growth in the ever-evolving blockchain ecosystem.

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Market Competition

While Uniswap has maintained a significant presence, the decentralised exchange sector has seen a rise in competition. New decentralised exchanges, such as SushiSwap, PancakeSwap, and 1 inch, have gained traction, offering unique features and incentives to attract users. Additionally, centralised exchanges have also recognized the potential of decentralised trading and have begun incorporating these services into their platforms.

Ethereum Network Impact

Uniswap operates on the Ethereum blockchain network, which has grappled with scalability issues due to high transaction fees and network congestion. These challenges have affected the efficiency and user experience of Uniswap and other decentralised applications on Ethereum. Nonetheless, solutions like layer 2 scaling and Ethereum 2.0 upgrades are in progress to tackle these problems and enhance the overall ecosystem.

CONCLUSION

Based on the technical analysis, the UNI token encountered persistent difficulties in surpassing key resistance levels over the year, partly due to low trading volumes and the signals from MACD and CMF. Consequently, confidence in the token’s immediate bullish prospects remains subdued.

For prospective traders, it might be prudent to consider a purchasing range between $3.6 and $5.0. Notably, the upcoming update to TWAMM holds potential as a significant development that could contribute to a more stable price trajectory for UNI in the future, thereby enhancing its market appeal.