Uniswap Price Prediction: UNI Bleeds On – What is the Possibility of Trend Reversal?

Uniswap (UNI) has been on a bearish trend over the past weeks. But the decline become more noticeable since the beginning of August.

Uniswap traded at $4.57, with its price dropping 4% in the last 24 hours due to heightened selling pressure. Given these bearish movements, the UNI market swims in uncertainty as traders wonder what lies ahead for the Uniswap token.

Sellers Oversee Uniswap Market - Is There a Chance for A Buying Spree?

Uniswap opened August with a slightly bullish momentum before giving in to the bears. It opened on August 1 at a trading price of $6.5 and later recorded a slight uptick, propelling it to a high of $6.7.

Following a few days of fluctuations and consolidation around the $6 price level, the bears took over, pushing the token off the month's peak to below $0.5.

The bearish pressure has snatched over 24.9% of UNI's value in the past 30 days, with a more than 8% increase in the last seven days.

Also, UNI's trading volume reflects the overall bearish momentum prevailing in the market. The token now holds a trading volume of over $87.9 million, an 11% drop from its previous figure over the same period.

However, market participants can expect a recovery, as the UNI token sits significantly in the oversold region. Notably, the low prices could attract more investors willing to leverage the undervalued condition to accumulate more tokens before the next bull run.

A Bullish Turn Could Be Imminent - What Are the Signs?

Chart Source: TradingView

While the appearance of the UNI market is bearish, several indicators project a possible shift in its price trend.

Notably, UNI has responded to the bears' control over the market since the start of the month, as evident in its price dipping significantly below the 50-day and 200-day Moving Averages.

These attempts to push down the token's price are also visible in the MACD, as it sits under the signal line. But as the bears' efforts persist, the token has reached the oversold zone, represented in the Relative Strength Index reading of 27.48.

While this setup often signals a reversal, it is not 100% guaranteed. However, this anticipation could still hold with additional signals from the histogram. This is particularly true given the several partial red bars formed after some vivid ones, indicating a halt in selling drift.

UNI support and resistance levels reinforce the buy odds

Chart Source: Trading View

Supporting the probability of a buy move is the support level at $4.54, even though it's not a strong sell-opposing point. Thus, there could be more downward movements on the way.

If the bearish trend continues beyond the base level at $4.54, the bears could push UNI's price to the next support at $4.03.

Uniswap's Price Driven by Market Trend

Events influencing the price of Uniswap are diverse, and it's important to recognize that, like many other altcoins, UNI's price tends to follow the overall market trend.

While the progress within its ecosystem can be pivotal in driving its value, significant external events can overshadow even these developments.

For instance, the recent introduction of SpaceX into the market on August 17 had a noticeable impact on UNI's trajectory. The token typically aligns with broader market sentiment during such major occurrences.

SpaceX and NASA are now targeting no earlier than Saturday, August 26 for Falcon 9 to launch Dragon to the @space_station. The new launch date provides teams additional time to complete and discuss analysis. The vehicles remain healthy and crew is ready to fly ... pic.twitter.com/ojWTwRTS8v

- SpaceX (@SpaceX) August 25, 2023

Remarkably, following the advent of SpaceX, Uniswap experienced a notable trend. This trend saw its price decline from $5.49 to below the $4.6. Events like this underscore investors' need to exercise heightened caution when considering investments in digital assets like Uniswap.

Uniswap Alternative - yPredict

Amidst Uniswap's struggle to navigate market uncertainty, a promising alternative named yPredict emerges. Many memecoin communities have shown keen interest in channeling their investments toward this venture.

>>>Visit yPredict Presale

This endeavor uses artificial intelligence (AI) s impressive capabilities to redefine the trading analysis landscape. Providing users with data-driven insights facilitates well-informed and strategic trading decisions.

yPredict is a hub for cutting-edge trading research and analysis. It accurately unravels the complexities of financial markets, resulting in an array of sophisticated predictive tools that enhance trading strategies.

yPredict utility token to foster the project's functionalities

YPRED is the project's utility token, which is the essential link for various functionalities. Holders of YPRED tokens can enjoy free access to the yPredict analytics platform, subscribe to the prediction marketplace, and even participate in staking to earn attractive rewards.

This blend of elements has propelled the yPredict project to experience rapid growth in its user base. Consequently, it is a venture that offers practical utility with the potential to boost investor profits.

yPredict presale funding surpasses $3.5 million mark

With an impressive over $3.5 million raised out of the $4.5 million hard cap, yPredict (YPRED) has demonstrated prominence among presale tokens.

At $0.1, YPRED's low price presents an attractive entry-level price for users before the exchange listing price of $0.12. Investors attracted to this venture can visit the project's website to acquire the YPRED token.

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