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Uniswap (UNI) Price Will Flourish in 2023 Claims This Fund Manager

2 mins
Updated by Geraint Price
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In Brief

  • Uniswap broke out from a long- and short-term resistance line.
  • The weekly and daily RSI are both bullish.
  • There is resistance at $9.30 and $15.30.
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The Uniswap (UNI) price has broken out from a confluence of short-term resistance levels and is heading toward the $15.70 long-term resistance area.

Following the FTX collapse, a popular narrative is that decentralized exchanges (DEX) could experience growth and renewed interest in 2023. This can be seen as positive Uniswap news since Uniswap is the largest decentralized exchange.

Bitwise, an asset management firm with several crypto asset funds, argued that Uniswap could surpass the volume of Coinbase in 2023, since investors have lost faith in centralized exchanges.

Uniswap Price Breaks out From 406-Day Resistance Line

The Uniswap price had decreased below a long-term descending resistance line since reaching an all-time high price of $45 in May 2021. The downward movement led to a minimum price of $3.33 in June 2022. By the end of the month, the UNI price broke out from the resistance line, indicating that the long-term correction might have ended. 

However, the UNI price has not sustained its upward movement and is close to its pre-breakout levels. In any case, if the upward movement continues, the next long-term resistance would be at $15.70.

Despite the lack of bullish price action, technical indicators are bullish. The weekly RSI is moving above 50 (green icon) for the first time since Nov. 2021 (red icon).  When combined with the breakout from the resistance line, this supports the possibility that the upward movement will continue.

Uniswap (UNI) Price Weekly Breakout
UNI/USDT Weekly Chart. Source: TradingView

Uniswap Begins Short-Term Rally

The technical analysis from the daily time frame aligns with the bullish readings from the weekly one. The UNI token price broke out from a confluence of resistance levels on Jan. 14, created by a descending resistance line and the $6.30 resistance area. Afterward, it returned to validate it as support on Jan 18 (green icon), initiating a strong bounce over the past 24 hours.

The main resistance area is at $7.90. Since this is the 0.618 Fib retracement resistance level, a movement above it would suggest that the increase is not a relief rally. In this case, an eventual movement toward $15.70 would be likely. 

Since the daily RSI is increasing and has not generated any bearish divergence, it supports this price outline.

A daily close below the $6.30 area would invalidate this bullish analysis and suggest that the UNI price may fall to $5.

Uniswap (UNI) Price Breakout
UNI/USDT Daily Chart. Source: TradingView

To conclude, the most likely Uniswap price analysis is an increase toward the $15.70 resistance area due to bullish readings from the weekly and daily time frames A daily close below $6.30 would put this prediction at risk and instead suggest that the $5 level will be tested again.

For BeInCrypto’s latest crypto market analysis, click here.

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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.

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)