As the crypto market begins to slip out of the bearish sentiment that grabbed hold of it over the past weeks, the Uniswap price has shown one of the strongest recoveries. After declining to the $17.80 mark on July 1, UNISWAP is up by an impressive 18% to the $20.70 mark today and bullish sentiment appears to have taken control of the market.
Positive news which occurred last week where a partnership with CoinmarketCap amongst other announcements, has definitely had an effect on the Uniswap price. It is the best performing crypto from the Top 20, having risen around 25% since its June low of $15.69 on June 21.
Uniswap Price Short Term Forecast: Bullish Sentiment To Prevail?
Although Uniswap remains around 60% down from its all time high achieved in early May, the market seems to have turned around. Uniswaps’ innovative project which is DeFi based also adds to the allure of the coin. Institutional investors seem to be piling into the coin and the sky is literally the limit for it.
After having appreciated 25% from its low in June, Uniswap seems to have discovered its forward momentum again. After rising to the $17.85 mark on 24 June, it once again descended to the $15.69 level 24 hours later. However, it has been on a forward change since then with a 7 day gain of around 22% to $20.70 today. This bullish trend will have to keep going all the way to the $25 mark if Uniswap is considered to have turned its fortunes around.
Long Term Forecast: Is $100 achievable Soon?
Although UNISWAP has only been around since September 2020, the scale of its growth has been quite phenomenal. That has led to many outlandish predictions on how high its price can go. Some more level-headed predictions have said that Uniswap might reach the $60 level by end of year. That would represent a 300% gain from the current price so it would have to be on the back of much improved market sentiment.
With monthly gains averaging over 40%, Uniswap seems to be a sound investment. When it dropped to the $0.49 level in September 2020, the project was thought of as good as dead, but it has bounced back remarkably from then. In fact, investors who piled into Uniswap at that price are now up by over 4000% and if they sold at the top, they would have made 8000% and more.
If the current bullish sentiment persists over the next few months, then Uniswap could easily regain the high it reached in April and move beyond that. However, it is always a fine balancing act at the end of the day.
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Gerald Fenech
