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Breaking UNI Hovers Near All-Time High: A History of Price Movements

2 mins
Updated by Ryan Smith
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In Brief

  • UNI is trading close to an all-time high price of $20.56.
  • This is UNI's second market cycle.
  • UNI is likely in the fifth and final wave of a bullish impulse.
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Uniswap (UNI) went live on Sept. 17, 2020, and despite only being around for a short amount of time, it has already completed its first market cycle and has now begun the second one.

The UNI rally has turned parabolic and could mean that it’s approaching the top of the current upward move.

First Major UNI Cycle

The first major cycle for UNI began moments after its launch in September. A massive increase followed immediately afterward, leading to a high of $15 in a matter of hours.

However, since that price was not sustainable, it only left a long upper wick in its wake. The real high might actually be around $8.16, reached roughly 42 hours after listing.

Immediately after this high, UNI began a long corrective period, in which it fell by 77% in 47 days, leading to a low of $1.75 on Nov. 5.

While the rate of increase after listing was huge, the ensuing downward movement had a more gradual slope. There was a decline of roughly 2% a day.

Upward Move
Chart By TradingView

UNI’s Current Movement

The movement since the Nov. 5 low can be divided into two sections. The first was an upward move of 152% which was followed by a fall of 34%. Both these moves took around 18 days to develop.

Since then, UNI has been on an absolute tear, increasing 600% in 50 days in a near parabolic movement. On Feb 4, it reached an all-time high price of $21.60.

This is now the longest cycle in the token’s short price history and is slightly longer than the original correction of 47 days.

Second Cycle
Chart By TradingView

Future Movement

Despite bullish technical indicators, UNI seems to be in the fifth and final wave of a bullish impulse which began in November 2020. Wave 5 has already extended significantly, reaching the 1.61 length of waves 1-3 combined.

Therefore, it’s likely that it is close to reaching the top of its current cycle and may soon see a significant correction. If one occurs, UNI could fall all the way to the 0.5 – 0.618 Fib retracement levels between $8.80 and $11.

Wave Count
Chart By TradingView

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Disclaimer

In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and ConditionsPrivacy Policy, and Disclaimers have been updated.

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Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst. (I do not have a discord and will not contact you first there. Beware of scammers)
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