Uniswap likely to reach $7 price

Uniswap currently doesn’t look good. Governing the eponymous decentralized exchange platform, his token, UNI, must be able to muster enough energy to regain momentum and reach its goals.

• Uniswap’s main support levels are $5.7 and $5.2
• UNI Price Could Rise to $7, $8 Push Likely
• A bear market could be prolonged if it breaks below support markers

According to tracking from coin geckoat press time, the cryptocurrency is trading at $6.20 and is currently declining in intraday, weekly, and monthly periods.

Uniswap has fallen 2.8% over the last 24 hours, while the asset has dealt with an 8.2% price decline over the past 7 days.

The year-to-date loss is heavy, down 76.4%, with UNI already losing 86.2% of its all-time high of $44.92 reached on May 3, 2021.

But despite all these negative price numbers, investors may be looking at a bull market on the 17th.th The largest cryptocurrency in terms of market capitalization.

How UNI Achieves $7 Marker

Analysis of the daily chart shows that the altcoin price is embedded in a reversal head and shoulders pattern and is well positioned to start a bullish rally.

Chart: TradingView

Investors should keep an eye out for Uniswap’s two important support levels, $5.7 and $5.2. This is because it is a key point for buyers to initiate and sustain price recovery.

Due to the nature of the current price pattern, UNI could rise by 10.6% and eventually reach the $7 level.

Uniswap has an even better scenario as a successful attempt by buyers to hold the $5.66 support level and push it to the $7 marker would mean digital assets surge to $8.

However, caution should be exercised as a break below the $5.2 support would wreck all hopes for the aforementioned price gains and prolong the Uniswap bear market.

Uniswap Labs Successfully Completes Funding Round

Perhaps one of the main drivers of crypto’s anticipated bull market is the recently completed Uniswap Labs funding round.

Motivated by the goal of expanding its offering, the parent company of the largest decentralized exchange has gone to all lengths to raise $165 million in Series B funding.

The round, which boosted the company’s valuation to $1.6 billion, was led by Polychain Capital and featured loyal backers including a16z crypto, SV Angel, Variant and Paradigm.

Uniswap Labs has been very vocal about its plans in recent months to add several new services, including a wallet system, allowing customers to trade non-fungible tokens (NFTs) on Uniswap from various markets. increase.

A successful funding round will certainly help companies in that sector, not to mention helping push UNI’s price to higher levels before the year is over.

UNI total market cap at $4.67 billion on the daily chart | Featured image from Inc Magazine, Chart: TradingView.com

Disclaimer: The analysis represents the author's personal views and should not be construed as investment advice.