Analyst Claim UNI is Poised to Plunge
UNI Token Struggles to Maintain Momentum
As Bitcoin continues climbing above $16,000, investors are becoming even more greedy. Altcoins have been taking a significant beating in the past month. It seems that bears are gaining control over the defi ecosystem.
Along with the other blue-chip DeFi assets, uniswap also showed significant gains in recent days. Uniswap has soared from the lows posted in November around $1.75 to the prevailing market value of $3.15, representing a growth of nearly 80%.
UNI Price Could Dump Massively Claim Analysts
Prominent analysts are now predicting that UNI token could be on the turning point of seeing a major downside movement, noting that the lower-$3.00 region’s selling pressure could continue hampering its price, potentially causing it to see even further losses in the near-term.
Uniswap’s UNI token might trend in the near-term, UNI price might eshowcase sharp downside movement towards $2.50. If it can find some significant support at this level and the aggregated DeFi sector also moves higher, it could see a move past its local highs.
However, one factor for UNI to see some upside is the end of farming incentives for the various pairs supported around the time of the token’s launch.
Farmers selling the tokens received from these pairs have been suppressing its price action. Once all the tokens are released, the UNI price might catch some strong upwards momentum.
UNI Price Analysis
At the time of writing , UNI token is trading at $3.13 USD with 4% gains. Uniswap is currently holding a market cap value of $682,758,549 USD with $547,660,167 trading volume.
The Relative Strength Index adds weight to the incoming bearish outlook, following the rejection at 70.
The 50-day SMA limits the immediate upside, hence the unlikelihood of Uniswap spiking to $3.5 in the near term.
The TD Sequential indicator is indicating a sell signal on the daily chart. The sell signal is expected to take the form of a green nine candlestick and add credibility to the bearish outlook.