Uniswap (UNI) ended the week sharply lower after less than impressive CPI data from the US. But despite this selling pressure, the outlook on the token is bullish, at least in the near term. Analysis to follow below, but here are some highlights:
At press time, the coin was trading at $10.55, down by around 9% in 24 hours
Uniswap (UNI) also saw some bear pressure at the end of the trading week Friday.
But there is still a chance the coin could easily bounce back to $16 in the coming few days.
Data Source: Tradingview
Uniswap (UNI) – Price prediction and analysis
As Friday trading was closing in, it was clear that UNI was on the edge. The coin was trying to find sufficient demand around the $11 mark. However, this did not happen. Although $11 proved to be a strong support zone, UNI fell below that.
At press time, the coin was trading at around $10.55. However, it seems that UNI has stopped the bleeding. It is retesting the $11 mark, and we expect it to rise above that soon. The big challenge now will be to see if there is enough demand at the $11 support zone.
Based on the trends in the market and indicators on the chart, it is likely that the coin will rise sharply from $11. We expect it to bounce back to $16 or thereabout.
Should you invest in Uniswap?
Uniswap (UNI) is the biggest decentralised exchange on the Ethereum chain. It may not be one of the biggest tokens in the market, but it has attracted a lot of investors. If you are looking for a proven asset with a consistent history of delivering returns, then UNI is perfect. Also, there is an opportunity for a short-term play here for bulls who want to ride the uptrend toward $16.
The post Uniswap could return to $16 even as selling pressure continues to build appeared first on Coin Journal.
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