Uniswap Price Prediction: Who’s Ready to Buy Above $29.50?

• On Monday, the Uniswap is trading with a slight bullish bias at 29.58, scoring +2.93% until now. 
• The Uniswap price forecast remains bullish above the 50 EMA support level of 29.70 level. 
• Forex trading participants may look for a buy trade above the $29.50 level to target $31.46 and $32.46.

On Monday, the Uniswap is trading with a slight bullish bias at 29.58, scoring +2.93% until now. The day before, the UNIs/USD closed at $29.3500 after hitting a high of $29.4800 and a low of $28.3400. The Uniswap price forecast remains bullish above the 50 EMA support level of 29.70 level. 

The US SEC Investigates a Startup Behind Uniswap

After falling for three consecutive sessions, UNIs/USD found some support on Sunday. However, it recovered a small portion of its previous losses. Uniswap’s token came under pressure after it was reported that the United States Securities and Exchange Commission was investigating the startup behind the world’s largest decentralized cryptocurrency exchange, Uniswap.

The agency was in an early-stage investigation process. It was trying to determine how customers were utilizing the exchange, how it was being marketed, and how it was generally operating.

Uniswap Labs Spokesman Replies to SEC Investigation

The spokesman for Uniswap Labs said that the organization was committed to complying with the laws and regulations. Moreover, it provides information to regulators that would assist them with the process.

Uniswap Labs is the developer of Uniswap, a cryptocurrency exchange widely used for decentralized finance. Uniswap is built on Ethereum and is considered the largest DEX with a trading volume of $1.5 billion in the last 24 hours.

The latest move by the Securities and Exchange Commission targeting Uniswap came after the chairman of the SEC, Gary Gensler, made remarks. He said that the authorities were planning more crypto-related rules targeting DeFi, token offerings, and stablecoins.

The SEC also signed a deal worth $125,000 with a blockchain analytics firm, AnChain.AI, to get tech assistance monitoring and regulating the DeFi industry.

Weaker Dollar Underpins UNIs/USD

The declining prices of the US dollar also managed to support the rising prices of UNIs/USD on Sunday. The greenback was lower for the day as investors’ expectations of getting any hint from the Fed about tapering economic support faded away with the dismal jobs report in August.

Employers in the US created 235,000 jobs in August, against an expected 720,000 jobs. It weighed heavily on the US dollar. That added further gains in UNIs/USD as both have a negative correlation.

Uniswap Price Prediction – Technical Levels

Support Resistance

28.6334 29.7734

27.9167 30.1967

27.4934 30.9134

Pivot Point: 29.0567

Uniswap Price Prediction – Technical Outlook: Symmetrical Triangle Pattern in Play

The Uniswap price prediction remains bullish above the 50 EMA support level of 29.70 level. The UNIs/USD pair has closed with “Three White Soldiers,” suggesting a solid bullish trend in the pair. On the 4-hour timeframe, the 50 EMA support level is 29.54; however, the downward trendline extends resistance at the 30.50 level.

On the bullish side, a breakout of the $30.50 resistance level could extend the buying trend until immediate resistance at $31.48 and $32.50. An additional breakout of $32.50 could open additional room for buying until the next resistance level of 33.20.

On the 4-hour timeframe, the 50 day EMA (Exponential Moving Average – Red Line) is likely to support at the 29.50 level. Since the UNIs/USD price is closing above 50 EMA, the bullish bias remains potent. On the bearish side, a breakout of the 29.50 level could extend the selling trend until the next support area of 28.15 and 26.50 levels.

Therefore, the forex trading participants may look for a buy trade above the $29.50 level to the target of $31.46 and $32.46. Alternatively, we may see a selling trend upon breakout of the $29.50 level with a target of $28.15. All the best.  

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