Top Expert Claims Uniswap Price Primed For 45% Rally

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As a seasoned crypto analyst with over a decade of experience in this volatile market, I have learned to navigate through the highs and lows with a calculated approach. The recent bearish trend in Uniswap price has caught my attention, but it’s not enough to scare me off.

Uniswap price has moved into a local bear market, falling by over 23% from its highest point this week as cryptocurrencies lose momentum. The UNI token was trading at $8.27 on Friday, November 15 as some crypto analysts remain optimistic that it will bounce back. 

Crypto Analyst Delivers a Bullish Uniswap Price Prediction

As a crypto investor, I’m excited about the optimistic forecast shared by a renowned analyst regarding Uniswap. He anticipates a robust resurgence that could propel its price to an impressive level of around $12, representing a significant 45% increase from its current position. Notably, on platform X, AltcoinView stated that Uniswap had already reached his earlier predicted price of $10.57, only to retreat slightly as some investors cashed out their profits. This temporary dip, however, should not deter us from keeping a close eye on this promising coin’s progression.

He now expects that the UNI price will stage a strong rebound if it manages to hold the support at $8.062. His bullish case is based on Fibonacci Retracement levels and Elliot Wave chart patterns on the daily chart. His view was shared by Crypto Rand, another crypto analyst with 310,000 followers, who identified his support at $8.2. 

Simultaneously, The Crypto Express analyzed a three-day graph and spotted an inverted head and shoulder formation, a well-known bullish signal indicating a possible price increase.

Bullish UNI Price Catalysts Could Push It Higher Soon

Uniswap has some solid fundamentals, which may help to push its price higher in the coming months. 

As the leading decentralized exchange (DEX), it’s experiencing high trading activity during this crypto market surge. In just the past week, Uniswap processed transactions worth more than $24 billion, and is poised for its most productive month in quite some time. Based on Dune analytics, it has managed over $400 billion in total volume across networks like Base, Arbitrum, and Optimism.

As an analyst, I’ve observed that despite entering a technical bear market, Uniswap has consistently stayed above its 50-day and 100-day moving averages. Moreover, it has managed to maintain its position above the ascending trendline that has been connecting its lower highs since October 2023.

Indications suggest that the token could be shaping up to form either a Morning Star or Doji candlestick configuration, which is generally considered one of the most optimistic reversal patterns in trading. Should it materialize, the likelihood increases that the UNI’s price may rebound.

If UNI’s price surpasses its current weekly high of $10.75, it would signify a bullish outlook and potentially reach $12 – a level not seen since June. This represents an approximately 45% increase from its current value.

Conversely, falling below the 100-day moving average of $7.6 could contradict the bullish perspective and potentially force a retest of the significant support at $6.65, its lowest point this month. A substantial drop may ensue if Bitcoin and other cryptocurrencies persist in their current downward trend.

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2024-11-15 15:46