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Uniswap price analysis: Price regressed to $26.3 level as a result of a bearish win

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  • The price has decreased up to $26.29.
  • Uniswap price analysis predicts a bearish trend.
  • Cryptocurrency is supported at $23.671.

The price has been traveling low for the past few days as the bears have been struggling to remain at the lead. A downtrend has been observed today as well, as the price has been lowered to the $26.3 level as the bears have regained their strength. This has proved to be quite detrimental for the overall coin value, as chances of recovery have been postponed. It is expected that further decline will follow in the upcoming hours as well.

UNI/USD 1-day price chart: Recent setback turns price down to $26.3 mark

The one-day Uniswap price analysis is confirming a downward price movement for today, as the price has declined up to $26.3. The price has been experiencing a fall since the past few days with bullish interruptions as well. The bears have been able to bring the price down to $26..291 in the last 24 hours after gaining the advantage of the situation. The price has gone below the moving average (MA) value as well which is at $26.302.

Uniswap price analysis: Price regressed to $26.3 level as a result of a bearish win 1

The volatility has increased during the day which is yet another bearish sign. As a result, the upper Bollinger band value has now moved up to $27.51 whereas the lower Bollinger band value moved down to $23.671. The Relative Strength Index (RSI) score has undergone reduction to a certain degree as well as it is now at 54.

Uniswap price analysis: Cryptocurrency faces repulsion above $26 as bears steer safe

The four hours Uniswap price analysis is declaring the bearish lead as the price has been consistently declining. A downward trend has been observed since the past few hours as the price has moved down to the $26.28 level. The price has dropped significantly as the bearish momentum has been intensifying since the last four hours. The moving average, in the four hours price chart, is standing at the $26.31 level.

Uniswap price analysis: Price regressed to $26.3 level as a result of a bearish win 2
UNI/USD 4-hours price chart. Source: TradingView

A crossover between SMA 50 and SMA 20 took place earlier, which is expected to occur once again. The decrease in volatility has changed the upper Bollinger band value to $27.284 and the lower Bollinger band value to $25.4. The RSI score has decreased to 50.14 because of the drastic drop in UNI/USD value.

Uniswap price analysis: Price regressed to $26.3 level as a result of a bearish win 3
UNI/USD technical indicators chart. Source: TradingView

The technical indicators chart for UNI/USD is going in the bullish direction today because of the increase in price that was recorded over the period of past few weeks. There are 14 indicators present on the buying position, 10 indicators are on the neutral position while only two indicators are on the selling position.

The moving averages indicator is also dictating a strong rise in price by a bullish signal. There are 13 indicators currently settled on the buying mark, while both of the selling and neutral marks are holding one indicator each. The Oscillators are giving out a neutral indication for the day as there are nine oscillators at a neutral level, one oscillator at selling, and one oscillator at buying levels.

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Uniswap price analysis conclusion

The price experienced a drop today as it has been confirmed from the one-day and four hours Uniswap price analysis. Although the price went higher earlier, the bears are now back on track as they have been able to bring the price down to $26.29 in the last 24 hours. The cryptocurrency is to face more loss in the future as the hourly prediction has been on the unfavorable side as well.

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Uniswap price eyes 20% upswing if UNI can clear this crucial barrier

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  • Uniswap price is on a journey to retest $25 after the recent downswing.
  • On-chain metrics hint at smooth sailing ride apart from the massive resistance at $20.84.
  • A daily close below $17.75 will invalidate the bullish thesis.

Uniswap price reverses its downtrend and is on its way to set up higher highs. The bullishness around UNI comes as investors are expecting t UNI price to see a quick run-up as the crypto market also sees a minor upswing.

Uniswap price to continue its ascent

Uniswap price has rallied roughly 11% over the past 24 hours after it sliced through the $18.73 swing low. This upswing is likely to fill the Fair Value Gap (FVG) that extends up to $21.13 and make a run at the $22.36 resistance level.

The buy stop liquidity resting above these highs will be the market makers’ first target. Beyond this area is another FVG, extending from $22.49 to $24.51. So, investors can expect UNI to breeze through this area with ease. Resting above the $24.78 is another set of buy stops that the market makers will target.

This run-up will constitute a 20% surge in Uniswap price. 

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UNI/USDT 4-hour chart

UNI/USDT 4-hour chart

The technicals are pointing at a bullish outlook for Uniswap price, and on-chain metrics also hint at a similar outlook. Take, for example, the 30-day Market Value to Realized Value (MVRV) model.

This on-chain metric is used to determine the average profit/loss of investors that purchased UNI over the past month. Since this indicator is hovering around -5%, it indicates that investors are at a loss. This area is where market participants accumulate the assets, suggesting it is an excellent place to see UNI price grow.

UNI 365-day MVRV chart

UNI 365-day MVRV chart

While things are looking up for Uniswap price, there is one hindrance that bulls will face in its upward journey. IntoTheBlock’s In/Out of the Money Around Price (IOMAP) model shows a massive cluster of underwater investors at $20.84. Here, roughly 6,680 addresses purchased nearly 183 million of UNI.

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These “Out of the Money” investors are likely to pose a threat to the upswing as they could sell their holdings to breakeven. Therefore, clearing this level will remove the sell-side pressure and trigger an upswing for Uniswap price.

UNI IOMAP chart

UNI IOMAP chart

A rejection at $20.84 that results in Uniswap price correcting to $18.73 will be questionable and indicate that sellers are running amok. In such a situation, if UNI produces a daily close below $17.76, it will create a lower low and invalidate the bullish thesis.

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Votes are in: over 7 million Uniswap holders in favor of Polygon’s deployment proposal

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The votes are in and the Uniswap community has spoken. Interestingly, almost 100% of the votes on a proposal to deploy Uniswap on Polygon were in favor of the integration. Thus, clearly highlighting the explosive popularity that layer-2 protocols have been receiving of late.

Almost a week ago, Polygon developers had put forward a proposal on Uniswap’s governance portal. This, in order to pitch their goals of integration to the larger Uniswap community. The first phase of the governance process was initiated on 23 November. It encompassed the Temperature Check Poll, which tried to gauge an initial consensus on whether the proposal is even worth going ahead with.

Reportedly, over 7.79 million Uniswap holders voted yes to deploying Uniswap V3 to the Polygon PoS chain. Well, only 25,000 favorable votes were required for the proposal to move on to the next phase.

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Polygon stated that “this is the right moment for this deployment to happen.” Since it could drastically decrease the transaction fee and time that users spend on the network. Especially, while interacting with Ethereum. Besides, expanding the decentralized exchange’s user base and revenues through scalability solutions.

The top DEXs like Sushiswap and Aave have already been deployed on Polygon. Well, the L2 protocol is ready to even allocate huge capital for this integration. Primarily, due to Uniswap’s respectable market position.

This includes participation in the design and execution of liquidity mining campaigns. In addition to the promotion of Uniswap V3 as a “money lego.”

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Now that the temperature check poll has delivered a favorable outcome, the proposal will be moving to the next stage. It will be the “Consensus Check.” It requires 50,000 affirmative votes to be passed to the final stage of governance. Well, the purpose of the Consensus Check is to start a formal discussion by creating a new poll based on the feedback from the Temperature Check.

When one Twitter user pointed out that it could take months for the deployment to go live, Polygon co-founder Mihailo Bjelic replied,

“It can be done much quicker, assuming the governance process finishes successfully.”

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Furthermore, with the overwhelming support from the Uniswap community, a delay in this process would rather be unlikely at this point.

In fact, owing to the soaring gas fee and longer transaction time, many are migrating to Layer-2 protocols. It scales the network and drastically increases its throughput. Not to forget, Polygon has turned out to be one of the most successful of those, with around $4.74 billion total value locked at press time.

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Analyzing what exactly is the state of Uniswap’s investors

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Uniswap [UNI], despite being a top-20 cryptocurrency, has been going on without an entire cohort of investors in its bag. However, even though investors managed to turn that around, the altcoin has been relentless and investors are losing patience due to UNI’s ongoing price action.

Uniswap going down?

Uniswap is one of the biggest DEXs on Ethereum and in the market. And yet, its performance week-on-week has made investors concerned about their investments.

According to a Crypto.com report, Uniswap was the worst-performing DEX over the previous week with almost 24.36% of its market cap and 14% of its average weekly volumes observing a depreciation.

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DEXes performance | Source: Crypto.com

UNI holders, on the contrary, from September onwards, finally crossed an important milestone of holding their assets for more than 1 year, leading to 47k addresses becoming the first-ever Long term Holders on the network. Increasing Month-on-Month, their percentage crossed 17% less than 24 hours ago. 

Uniswap holders distribution | Source: Intotheblock – AMBCrypto

Alas, this one positive development is not enough to counter the effects of a dejected market, one where UNI is unable to rise at all.

While the month of October wasn’t as harmful thanks to its consolidation, all of that safety was stripped away after UNI finally fell through the $23-support level. At the time of writing, it was looking at the critical support of $18.9.

Uniswap price action | Source: TradingView – AMBCrypto

Furthermore, the rising losses have led to over 52% of the addresses losing their profits. It is actually the worst condition investors have been in since the dip in July.

Uniswap profitable addresses | Source: Intotheblock – AMBCrypto

This 2 month-long price pattern explains why investors aren’t really moving their UNI. As a result, the number of transactions has fallen to 1.2k. This further resulted in UNI not changing hands as frequently and the network’s velocity falling to a 7 month low.

On the other hand, thanks to the ongoing market movement, volatility has fallen to its all-time low. This could prove to be essential for a sustainable recovery on the charts.

Uniswap volatility | Source: Intotheblock – AMBCrypto

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