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Uniswap Price Analysis – UNI Sees 10% Price Hike Ahead of Version 3 Launch Tomorrow

Key highlights:

  • Uniswap is up by a total of 10% today as the cryptocurrency returns to the top 10-ranked coins.
  • The coin is starting to rise again as Uniswap V3 is expected to launch tomorrow.
  • Against Bitcoin itself, Uniswap is in a battle with ₿0.000819 (1.414 Fib Extension) and must pass this to continue higher.

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Uniswap price $43.61
Key UNI resistance levels $43.85, $45.50, $48, $49.18, $50
Key UNI support levels $40, $37.40, $36, $35.10, $32.80

*Price at the time of writing

Uniswap is up by a total of 10% today and up by a further 42% on the month as it currently trades at around $43.60. The cryptocurrency has been trading in an ascending price channel and is currently testing the resistance at the upper boundary of this price channel.

There is much anticipation amongst the UNI token because Uniswap, the largest Automated Market Maker DEX (AMM), is set to launch Uniswap v3 tomorrow. The AMM had upgraded to version 2 just last May and is set for version 3 a year later.

This latest upgrade to the platform is intended to make Uniswap the most flexible and efficient AMM ever designed. The first feature they plan to add is concentrated liquidity. This will make upgrades to the AMM bonding curves that aggregate individual positions into a single pool to form one combined curve for users to trade against.

Additionally, the AMM is also adding more fee tiers to allow trades to determine their risk level when trading assets of different volatility levels. There will be three separate tiers according to their expected volatility which should allow liquidity providers greater protection against volatility.

The last feature is the fact that they will make the oracle cheaper, making sure the price up-to-date and reduce the risk of being liquidated by bad data.

Uniswap is ranked in the tenth position as it currently holds a $22.85 billion market cap value.

Let us continue to take a look at the markets and see where they might be heading.

Uniswap Price Analysis

What has been going on?

Looking at the daily chart above, we can clearly see that Uniswpa has been trapped inside an ascending price channel for the past three months. The coin had dropped lower from $37 toward the middle of April but managed to find solid support at the lower boundary of this price channel toward the end of the month.

It rebounded from the lower boundary in the final week of April and started to push higher to meet resistance at $43.87 (1.414 Fib Extension) by the end of the month.

It still has not managed to produce a daily closing candle above $43.87 so far in May, although it has spiked higher to hit the upper boundary of the ascending price channel. The coin would need to produce a daily closing candle above this resistance for the bull run to continue further higher.

Uniswap price short term prediction: Bullish

Uniswap is most certainly bullish right now and would have to fall beneath $32 (.618 Fib Retracement) to be in danger of turning neutral. It would have to continue further beneath $28 (April lows & 100-days EMA) to turn bearish.

If the sellers do push lower, the first level of support lies at $40.23 (.236 Fib Retracement). This is followed by $37.40 (.382 Fib Retracement), $35.10 (.5 Fib Retracement), $32.80 (.618 Fib Retracement), and $30.

Beneath $30, added support lies at $29.50 (.786 Fib Retracement) and $28 (100-days EMA).

Where Is The Resistance Toward The Upside?

On the other side, the first level of strong resistance lies at $43.86 (1.414 Fib Extension). This is followed by $45.50 (upper boundary of the price channel. If the bulls can break the upper boundary of the price channel, resistance lies at $48, $49.20 (1.618 Fib Extension), $50, and $52.41 (1.414 Fib Extension – purple).

Additional resitance is expected at $55, $56.10 (1.618 Fib Extension), and $60.

What has been going on?

Against Bitcoin, UNI managed to set a new ATH price this week after hitting the resistance at ₿0.000819 (1.414 Fib Extension). The cryptocurrency had rebounded from support at a rising trend line at ₿0.0005 during mid-April and has been surging ever since.

The coin managed to break the March highs at ₿0.0007 in the final week of April as it reached a monthly higher of ₿0.0008. From there, it dropped lower in the first week of May until it found support at ₿0.0007, which allowed it to rebound and create the new ATH yesterday.

UNI price short term prediction: Bullish

Uniswap is bullish against Bitcoin. It would need to drop beneath the support at ₿0.0006 (.618 Fib & rising trend line) to turn neutral again. It would have to continue further beneath the April lows around ₿0.0005 to be in danger of turning bearish in the short term.

If the sellers do push lower, the first level of support lies at ₿0.00074 (.236 Fib Retracement). This is followed by support at ₿0.0007, ₿0.000685 (.382 Fib Retracement), ₿0.000641 (.5 Fib Retracement), and ₿0.0006 (.618 Fib Retracement & rising trend line).

Where Is The Resistance Toward The Upside?

On the other side, once the bulls break ₿0.000819 (1.414 Fib Extension), the first resistance lies at ₿0.00085. This is followed by ₿0.000917 (1.618 Fib Extension), ₿0.000984 (1.414 Fib Extension – orange), and ₿0.0001.

Additional resistance lies at ₿0.000105, ₿0.000111, and ₿0.000115.

Keep up to date with the latest ETH price predictions here.

Previous Technical Analysis

At CoinCodex, we regularly publish price analysis articles focused on the top cryptocurrencies. Here’s 3 of our most recent technical analysis articles:

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