Uniswap price has moved into a local bear market, falling by over 23% from its highest point this week as cryptocurrencies lose momentum. The UNI token was trading at $8.27 on Friday, November 15 as some crypto analysts remain optimistic that it will bounce back.
Crypto Analyst Delivers a Bullish Uniswap Price Prediction
A popular crypto analyst believes that Uniswap price is primed for a strong comeback that could push it to $12, up by 45% from the current level. In a statement on X, AltcoinView noted that the coin had recently moved to his previous target of $10.57 and then pulled back as some investors took profits.
He now expects that the UNI price will stage a strong rebound if it manages to hold the support at $8.062. His bullish case is based on Fibonacci Retracement levels and Elliot Wave chart patterns on the daily chart. His view was shared by Crypto Rand, another crypto analyst with 310,000 followers, who identified his support at $8.2.
Meanwhile, The Crypto Express, used a three-day chart and identified an inverse head and shoulders pattern, which is a popular bullish reversal sign.
Bullish UNI Price Catalysts Could Push It Higher Soon
Uniswap has some solid fundamentals, which may help to push its price higher in the coming months.
As the biggest decentralized exchange (DEX), it is seeing strong volumes during the ongoing crypto bull run. Data shows that Uniswap handled over $24 billion in volume in the last seven days, and is on track for its best month in weeks. According to Dune, it has handled over $400 billion in volume across all its layer-2 networks like Base, Arbitrum, and Optimism.
Technically, Uniswap has remained above the 50-day and 100-day moving averages even after moving into a technical bear market. It also remained above the ascending trendline that connects the lower highs since October 2023.
There are signs that the token is forming a morning star or a doji candlestick pattern, one of the most bullish reversal signs in the market. If this pattern forms, there are odds that the UNI price will bounce back.
A clear bullish UNI price forecast will be confirmed if it moves above this week’s high of $10.75. Such a move will push it to the next target at $12, the highest level in June, which is about 45% above the current level.
On the flip side, a drop below the 100-day moving average of $7.6 will invalidate the bullish view and push it to retest the key support at $6.65, its lowest level this month. Such a big drop will likely happen if Bitcoin and other cryptocurrencies continue the ongoing sell-off.
The post Top Expert Claims Uniswap Price Primed For 45% Rally appeared first on CoinGape.
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