Uniswap price analysis: UNI could rise up to $8.38 before correcting

Uniswap price analysis continues to show a bullish reading, as price rose more than 5 percent over the past 24 hours to reach as high as $7.63. UNI has been on an extended uptrend since July 13, 2022, when price was at $5.26.

Timeline of Uniswap

Trading volume on decentralized exchange (DEX) Uniswap (CRYPTO: UNI) nearly equals that of Coinbase Global Inc (NASDAQ: COIN). What Happened: A Monday report from crypto market data provider Kaiko detailed how Uniswap's market share of volume relative to Coinbase has surged from 27% to nearly 50% since January.

Cryptocurrency analytics platform CoinGecko revealed in its recently released second-quarter (Q2) report for 2022 that the top decentralized exchanges (DEX) existing on various networks have generally seen a significant decrease. Leading DEXs accounted for $274 billion worth of funds in spot trading in Q2.

Uniswap price analysis reveals that the market is currently following a massive downwards trend below the $7.2 mark and is likely to decline even further. UNI/USD had tremendous momentum the previous day, July 16, 2022, when the price went significantly from $7.6 to $7.2.

Robinhood is expanding its crypto offerings by adding support for the native asset of decentralized crypto exchange Uniswap (UNI). This week, the trading giant added support for Uniswap, which is valued at $6.79 at time of writing, up nearly 13% in the past seven days, outpacing a stagnant crypto market.

The Uniswap price could drop by 45% despite the Robinhood listing which brought UNI some of its recent gains but still didn't guarantee an extended bull run so let's read more today in our altcoin news.

Uniswap (UNI) is in an uptrend as the price breaks above the moving average lines. The price of the cryptocurrency has a series of higher highs and higher lows. Today, UNI reaches a higher high of $6.98.

In a tweet on 14 July, broker and cryptocurrency exchange platform Robinhood announced the addition of Uniswap's UNI to its crypto trading platform. Following the announcement, the price of the native token rallied by over 20% during the intraday trading session.

The Uniswap (UNI) market price has doubled since last month and is currently trading at $6.99. Furthermore, the altcoin has recently triggered an inverted head and shoulder pattern with a $6.5 resistance breakout.

Uniswap's UNI token looked like it was going to give up last week's gains after its bearish start this week. However, it delivered a strong mid-week bounce back, pushing it to last week's highs by press time.

A bear market, according to cryptocurrency analysts and experts, is characterised by an imbalance between supply and demand, declining morale, and dropping prices. This also suggests that there is a drop between 10 and 20 percent per year.