Uniswap Price Prediction as UNI Reaches For The $10 Mark – Is $50 Possible?
The Uniswap (UNI) price just dipped to $9.0, just as hopes had been rising that it was about to reach for the $10 mark, with UNI now around 10% down from earlier session highs in the $9.80s.
No one single catalyst can explain the decentralized exchanges (DEX)’s abrupt reversal.
Rather, UNI’s intra-day turn-around is in tandem with a sell-off in the broader market.
Bitcoin (BTC) just dipped back below $67,000, having touched $72,000 earlier this week.
Other major cryptos were also pulling lower, with Ether (ETH) dropping back to the $3,600s from session highs near $4,000.
Perhaps the market is experiencing a sell-the-news reaction to major positive catalysts this week – expectations that the SEC is about to approve spot Ethereum ETFs and the passage of the FIT21 bill through the House.
Either way, the Uniswap price is taking a hit. Here’s where it could be headed next.
$10 is a key area of resistance for the Uniswap price. It’s no surprise that UNI has found strong resistance here.
But that doesn’t mean that UNI’s recovery is over. The cryptocurrency recently broke convincingly to the north of its 21 and 50DMAs.
It had previously been stuck in a $6.50-$8.0ish range for over one month.
A run back higher towards $17 could be on the cards later this year.
The SEC’s u-turn on Ethereum ETFs has sparked hopes they might not go through with charging the Uniswap Foundation.
The Uniswap Foundation received a Wells Notice from the agency earlier this year.
If the agency doesn’t press ahead with charges, that would be a big weight off UNI’s shoulders.
But could it go all the way to $50?
Well, Uniswap hit as high as $45 back in 2021. That was the peak of meme coin mania during the past cycle.
But this cycle could blow the last cycle out of the
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