- Uniswap price prediction shows UNI’s price has been forming an ascending pattern since early this year.
- Over the last 3-months, Uniswap’s 50-day Simple Moving Average has been showing glaring price exhaustion.
- Ethereum’s co-founder, Vitalik Buterin, recently commented that Uniswap is an excellent cryptocurrency for a DeFi network due to its adequate security.
Following early February’s selling spree, Uniswap has managed to recover gradually to record positive price values. Despite this, its upsurges are nothing to go by compared to the performance of other altcoins in the market. Of late, significant altcoins have been recording double-digit price surges.
Uniswap price prediction: General price overview
Uniswap is exchanging hands slightly above the middle line of its ascending channel pattern at the time of writing. By doing this, the crypto token is offering limited clues about its price movement. At present, it is hard to tell Uniswap’s price direction following the position of key technical indicators. However, recent comments from Ethereum co-founder, Viralik Buterin, might positively impact the altcoin. Vitalik recently advocated for the conversion of Uniswap to become an oracle coin. According to Vitalik, this will positively impact the decentralization of fiat currencies and the entire DeFi ecosystem. Usually, oracle coins are used to frustrating 50 percent of cyberattacks, determine liquidation prices, and share price information.
In other words, oracle tokens act as data communicators that link Ethereum to real-time and off-chain information for smart contracts to exploit them. According to Vitalik, Uniswap can be of great assistance in several DeFi areas, such as collateralized loans, synthetic assets, and algorithmic stablecoins. He argues that Uniswap should create its oracle token based on the UMA or Augur design to ensure a more effective data collection and distribution channel. More refined data means better functionality for DeFi protocols.
Uniswap is ahead of the game to be a decentralized oracle currency, stated Vitalik. This is due to Uniswap’s colossal market cap that currently stands at about $22 billion. For cryptocurrencies that have significant market caps, cyber attacks tend to be a costly affair. Due to this fact, Uniswap should consider joining the oracle token field to minimize losses and protect its holders. Hopefully, as Uniswap v3 looms, the developers will integrate these recommendations from Ethereum co-founder to enhance a more stable and effective crypto ecosystem.
Uniswap price movement in the past 24 hours
Before we look at Uniswap’s price movement in the past 24-hours, it is worth noting that the crypto coin has been forming an ascending pattern for the last 2 months. During this time, Uniswap has been recording lower new highs with no significant price surge. The coin’s 50-day Simple Moving Average has been a critical support line during minor price reversals. At present, Uniswap generally paints a bullish narrative, keeping optimism alive for the continuation of upward price movement to promote an optimistic projection for the crypto coin.
With that said, Uniswap’s 24-hour price movement shows the crypto coin suffered a significant price reversal that seems to be pushing it towards the $35 mark. At present, it appears the bears are out and are having a field day with the crypto coin as overhead and selling pressure continues to piles. If the ongoing selling spree continues, Uniswap might need support around the ascending channel’s middle line at $37. With that said, the ongoing downward price movement shows signs of pushing the crypto coin downwards past the lower line of the ascending pattern and the 50-day Simple Moving Average mark at $30 and $34 marks, respectively.
Uniswap 4-hour chart
According to the 4-hour chart, if Uniswap moves past the ascending channel’s lower trend line, its price will likely test the 35 percent Fibo retracement level at the $25 region. This will be due to rising selling pressure.
If the ongoing bearish narrative fails to mature, investors should expect Uniswap to surge upwards to test the ascending pattern’s upper region at around $47. However, this will depend on today’s close. If Uniswap closes the day above the mid-trend line, no further price surge should be expected.