The Uniswap price seems to have had a slight setback over the past 24 hours paring off some of the gains made over the last few days. At present, UNI is trading at the $21.10 level which is a 5% decline over the past 24 hours. Crucially it has lost almost all the gains made since 31 July when the price was just under the $21 mark.
The negative sentiment that has suddenly gripped the crypto market also seems to have affected the Uniswap price as it began a slight descent. However, long term forecasts for the DeFi exchange still remain quite bullish and it is expected to slowly recover and continue a charge forward.
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Short Term Price Forecast For Uniswap Price: A Slight Reversal On The Cards?
The negative sentiment that has suddenly gripped the cryptocurrency market has also affected Uniswap. After rising to a high of $22.40 on 2 August, the price careened downwards to the $21.10 level or a decline of almost 6%. Some bearish activity seems to have entered the market again.
If a bullish thesis were to prevail, then the Uniswap price would once again regain the $22 level and begin a beeline towards the $22 mark. This move needs to be accompanied by strong buying interest and bulls re-entering the market in a big way.
On the other hand, a bearish thesis would invalidate this prediction. If this were to occur, the Uniswap price would drop below the psychologically significant $21 mark and continue sliding downwards to the $19 level where it may find support. However, if the sell off continues to be strong then the price may even retest the July 20 low of $14.50 before it begins some sort of recovery.
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Long Term Forecast For UNI: Still Expected To Be Bullish
Although there has been a slight slump in the cryptocurrency markets of late, the long-term predictions for Uniswap remain bullish. Some forecasters are looking at prices that are close to the $50 level at end of year although these are quite optimistic.
Uniswap’s use case and the DeFi exchange market in general is always positive. It is crucial for the Uniswap price to remain above the $21 level short term and not decline further. The Bitcoin price is also a crucial indicator on how things are going on in the cryptocurrency markets.
If Uniswap were to start its ascent again and buying interest increases, the price could easily recover substantially and attack the $30 level. The next few weeks should be rather interesting for the Uniswap price.
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Gerald Fenech
