- The UNIs/USD is trading with a neutral bias at $30, losing around -1.29% so far.
- Uniswap, the world’s largest decentralized exchange, has confirmed the installation of Uniswap V3 Core.
- Forex trading participants may look for a buy trade above the $30.15 level to the target of $31.46 and $32.46
The UNIs/USD is trading with a neutral bias at $30, losing around -1.29% so far. The pair extended its early-day positive moves and drew some further bids around the $30.5300 level. The Uniswap price prediction remains bullish as the crypto market continues to gain positive traction.
Bullish Bitcoin Underpins Uniswap – The Positively Correlated Coins
Since the Bitcoin price started steadily above the $48,000 resistance zone against the US Dollar, the crypto market has been flashing green. The BTC is now trading above $48,500, and it could accelerate above $50,000.
The gains in BTC appeared after the media revealed that Bitcoin tipping would be available on Twitter, which has prominently increased buying pressure. This would allow users to reward content creators with Bitcoin. Thus, the bullish bias in Bitcoin (the biggest cryptocurrency out there) has a positive impact on the other cryptocurrencies, including Uniswap.
Apart from this, the broad-based US dollar weakness, triggered by a combination of factors, has played a significant role in supporting the UNIs/USD pair. The UNIs price is trading near USD 30.5900 with a 24-hour trading volume of $725,497,132. UNIs rose by 1.20% in the last twenty-four hours.
Bullish Crypto Market
The crypto market has been flashing green signals since the new week started. However, the reason behind its upward rally could be attributed to the various positive developments arising in the market day by day. The upticks were mainly sponsored by the latest news suggesting that Bitcoin tipping will be available on Twitter, which has notably increased buying pressure on the price of BTC.
Uniswap Gearing Up for V3 Core
Uniswap, the world’s largest decentralized exchange, has confirmed the installation of Uniswap V3 Core. Periphery smart contracts on the Ethereum network in preparation for its V3 protocol upgrade in May.
The Ropsten, Rinkeby, Kovan, and Goerli networks are among the networks where smart contracts have been deployed. The exchange still seems to be committed to advancing after launching the Uniswap V2 protocol in May 2020. It promises to make its platform the most efficient Automated Market Maker (AMM) currently available.
The Weaker US Dollar Underpins the UNIs/USD
The greenback’s selling bias was another critical factor that kept the UNIs/USD prices raised. On the USD front, the broad-based US dollar failed to stop its early-day downward rally.
Thus, it remained depressed near two-week lows against a basket of currencies on the day. The declines came after the US released downbeat economic data, which raised doubts over the US economic recovery.
Uniswap Price Prediction – Technical Levels
Support Resistance
29.58 32.28
27.80 33.20
26.88 34.99
Pivot Point: 30.50
Uniswap Price Prediction – Technical Outlook: 50 EMA Support at 30.50
The Uniswap price prediction is bullish as the pair is gaining immediate support over the $30.50 level. The UNIs/USD pair has closed a series of Doji and spinning top candles above the 30.50 level. On the 2-hour timeframe, it suggests the chances of a bullish trend continuation in the UNIs/USD pair.
The UNIs/USD is facing immediate resistance at 32.28, and a bullish breakout of this level could extend the buying trend 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 30.19 level. Since the UNIs/USD price is closing above 50 EMA, the bullish bias remains potent. Lastly, the upward channel will be the main highlight of the day, and the breakout of this channel will determine further trends in Uniswap. So far, the upward channel is supporting the buying trend.
Therefore, the forex trading participants may look for a buy trade above the $30.15 level to the target of $31.46 and $32.46. Alternatively, we may see a selling trend upon breakout of the $30.15 level with a target of $29.45. All the best.
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