Uniswap OutlookTo put into perspectives, UNI was trading at a discount of 68.6% since the start of the year ($17.00). Over the past three months, UNI has been down by 17.8%. Over the course of four weeks, the price of UNI was essentially unchanged. Since its initial offering ($2.95) back in Sep. 2020, UNI has been trading up by 81.1% though it was still down by 87.8% from its Apr. 2021 height of $43.90.
Going forward, the macro climate will inevitably limit the growth of UNI despite its astounding fundamentals via recent partnerships. In terms of price action behavior, UNI has been rebounding from its 23.6% ($4.94) weekly Fibonacci Retracement level as far back as Jul. 2022, and the last rebound was only yesterday.
Naturally, after the rebound, the target for UNI becomes the 61.8% ($6.01) monthly Fibonacci Retracement level (measured from Nov. 2020 - Apr. 2021), and if we’re able to see the bulls push through, the next target will be the 50% ($6.74) weekly Fibonacci Retracement level (measured from Apr. 04, 2022 - May. 09, 2022). Keep in mind, as mentioned previously, UNI’s growth is capped in the medium term due to macro factors and all coins will inevitably follow the bigger trend.
On the contrary, if the bears manage to drag down UNI below the 23.6% weekly Fibonacci Retracement level of $4.94, then our target becomes $4.34, and then the $3.29.
-----
Closest support zone: 5.15 - 4.94
Closest resistance zone: 5.29 - 5.50
Key Level: 5.289 (Monthly High of Dec. 2020)
-----
UNI Resistance zones
1. 5.29 - 5.50
2. 5.87 - 6.01
3. 6.80 - 7.25
UNI Support zones
1. 5.15 - 4.94
2. 4.86 - 4.79
3. 4.51 - 4.34
