Uniswap’s prospects are not good at the moment. UNI is the governance token and decentralized exchange platform of the same name. It must have the energy to regain momentum, hit its goal, and UNI must have the ability to do so.
- Uniswap’s key support levels are $5.7 and $5.2
- The UNI price may go up to $7 with an $8 push.
- A prolonged bearish trend is possible even if support markers are broken.
Based on tracking CoingeckoAt press time, cryptocurrency trades at $6.20. It is down in intraday, weekly, and monthly periods.
Uniswap’s price dropped by 2.8% in the past 24 hours. However, it is currently at 8.2% for a 7-day period.
The year-to date loss of UNI is staggering, with a drop of 76.4%. UNI has already lost 86.2% from its record price of $44.92 last May 3, 2021.
However, investors may be able to see an opportunity for a bull market in spite of all the negative numbers.ThThe largest cryptocurrency according to market capitalization.
How UNI can hit the $7 mark
Analysis from its daily timeframe chart shows the altcoin’s price has incorporated itself into an inverted head and shoulder pattern, putting itself in a good position to start a bullish rally.
Chart from TradingView
Investors must be aware of two key support levels at Uniswap — $5.7 and 5.2, because they provide significant points for buyers in order to sustain and initiate a price rebound.
UNI might be able, considering its current price structure, to see a 10.6% rise and reach $7.
There is an even better scenario for Uniswap, as success in buyers’ attempt to sustain the $5.66 support level and push to the $7 marker would mean accelerated surge for the digital asset all the way to $8.
However, caution is advised as a breakdown below the $5.2 level will end all hope for the aforementioned price rallies and could mean a long bearish run at Uniswap.
Uniswap Labs completes successful funding round
One of the main drivers for the predicted bull market for cryptocurrency may be the recent funding round at Uniswap Labs.
In pursuit of its mission to expand its offerings, the parent company for the largest decentralized exchange pulled out all the stops and raised $165 Million in the Series B Fund-raiser.
The round, that pushed the firm’s valuation to $1.6 billion, was led by Polychain Capital and featured loyal supporters such as a16z crypto, SV Angel, Variant and Paradigm.
Uniswap Labs recently spoke out about the plans to launch several new offerings, which includes a wallet system, which allows customers to trade non-fungible tokens.
This successful round of funding will undoubtedly help the company in this department. It also aids in driving UNI prices up before the end of the year.
Featured image from Inc Magazine, Chart: TradingView.com| Featured image from Inc Magazine, Chart: TradingView.com
Disclaimer: This analysis should not be taken as investment advice.