The recovery of the crypto market is generating some gains for UNI, which is up 9.10% in the last 24 hours, however there is still a bearish direction that could continue to exert pressure. If you want to find out where the price of the Uniswap token is going, stay and read this analysis and forecast.
Recently this decentralized exchange was updated to a V3 version, and at the time of writing it accumulates a total blocked value (TVL) of $ 1,590 million, while the volume of operations in the last 24 hours was $ 860 million.
Liquidity has not yet fully migrated from the V2 platform. We see that in this version about $ 4,280 million and a daily volume of $ 1,120 million are blocked.
In both values we noticed a large decline as a result of the general market decline and the migration of funds to the new update.
Uniswap’s all-time TVL high was nearly $ 10 billion, which means it’s down 50%. The maximum volume reached by this DeFi was $ 3,600 million, quite far from the current $ 1,120 million.
Despite everything, these values are incredibly far from what we had less than a year ago, when the DeFi boom was just beginning.
Today Uniswap is the largest decentralized exchange thanks to its daily trading volume, also becoming a benchmark within the ecosystem.
Its native token, UNI, is ranked 10th on the CoinMarketCap ranking, thanks to a market capitalization of $ 10.175 million.
With this, we can ensure that you have a good state of health, and that it is a matter of positivism taking over the crypto ecosystem again, so that it begins to recover strongly.
Technical analysis of the Uniswap token (UNI)
In the weekly chart UNI vs USDT we notice a lower low marked recently, which speaks to us of a bearish direction in the short term.
However, when we look to the left, we see that this direction is quite overshadowed by the mega rise that the price of this token has made in recent months.
Although we still do not see a clear signal that the bottom of the decline has been reached, it is most likely that it has already been marked, or failing that we are very close to it.
The recent inability to break through the support at $ 13.65 speaks to seller exhaustion, possibly heralding the bottom of the pullback.
To think about a bullish resumption, the immediate resistance located at $ 25.72 must be broken, which may initiate a search for new all-time highs.
Short-term key levels
It is clear that we have a bearish direction in the short term, which could continue to cause problems as long as the bulls do not appear with determination.
It seems quite likely to see some more losses, but they could be stopped over the large support zone around $ 14.
In the event that support is lost, UNI could develop further bearish momentum, reaching as low as $ 12. Lower down the next target is $ 9.63.
A short-term bullish transition begins when resistance begins to be pierced. The most immediate is at $ 18.11.
All our publications are informative, so in no case should they be accepted as investment advice.