Uniswap’s UNI token has been in an incredibly intense period of consolidation for the past few days, leading to lows of $ 3.60 shortly after an intense downtrend.
Although UNI is currently trading 10% above these recent lows, the price of the token is still in a precarious position as it appears to be banding together to take a big step in the short term.
If bears regain control of BTC and the entire market, UNI could be hit hard and suffer significant losses.
Currently, the Uniswap token’s lows are around $ 1.00 after launch, but those were only tapped for a brief moment immediately after launch.
After developing more stable market momentum, UNI eventually fell from its high of $ 8.50 to lows of $ 3.50.
Falling below this level during a possible downtrend could have serious implications for BTC and the aggregated crypto market.
However, one analyst believes an upward move could deal a heavy blow to the bears and allow UNI to rebound to highs of $ 5.30.
Uniswaps UNI is entering the consolidation phase alongside the aggregated market
Uniswap’s governance token has relatively uninteresting price moves consolidating below $ 4.00 as the overall crypto market experiences decreasing volatility.
At the time of writing, UNI is trading sideways at its current price of $ 3.92, a remarkable rebound from its weekly lows of $ 3.60 set at the end of the recent market-wide sell-off.
The ability of the cryptocurrency to bounce back from these lows and stabilize around its current price is positive. Bulls have some serious work to do, however, if they are to catalyze further upward momentum.
Analyst claims UNI could soon rise to $ 5.30
There is a possibility that UNI will soon see a significantly higher upward momentum.
An analyst is targeting a move towards $ 5.30 in the short term and notes that this could happen if bulls are able to break the $ 4.15 resistance level.
“Overall, the interest in altcoins is not that great at this point, as the market is not showing much strength. Two plans for UNI: – The recovery of US $ 4.15 would trigger further momentum towards US $ 5.30. – Otherwise, we’ll look at $ 3.30 there for a test. “
Image courtesy of Crypto Michaël. Chart over TradingView.
Where overall market trends are likely to depend heavily on Bitcoin next, altcoins like Uniswap’s UNI are simply seeing more drastic moves.
Featured image from Unsplash. Charts from TradingView.