After rising hopes of Uniswap-UNI's imminent arrival at $10, its price has just fallen to $9, nearly 10% from its previous session high of $9.80, without any clear reason for this sudden reversal towards the DEX coin. This is amazing.
However, UNI's decline during the day is in line with the large sell-off taking place in the crypto market, as the price of Bitcoin (BTC) has just dropped again below $67,000 after touching $72,000 earlier this week, and the prices of other major cryptocurrencies such as Ethereum (Ethereum-ETH), currently priced around $3,600, down from previous session highs near $4,000.
These declines may be the market's reaction to take profits resulting from positive news this week such as expectations of SEC approval of Ethereum Spot ETFs and House approval of the FIT21 bill.
However, the UNI coin price took a big hit, and below we will discuss our predictions for its next trends.
Uniswap coin price predictions, can it reach $50?
The $10 level is a major resistance area for the UNI coin price, which is expected but does not mean that its upward path is over, as it recently rose and settled above the 21- and 50-day simple moving average indicators, after it was stuck within a range between $6.50 and $8. For more than a month, we may see it rise above $17 later this year.
On the other hand, the SEC's change in stance towards Ethereum ETFs has raised hopes that it will not impose fees on Uniswap, after the SEC earlier this year sent a Wells Notice notifying Uniswap that it would take enforcement action against it for violating securities laws. If the committee does not move forward with these accusations, this will remove a large burden from the shoulders of the UNI coin, but this does not answer the question of the possibility of its price reaching $50.
UNI reached $45 in 2021 during the height of meme mania in the last bull market, and during the current bull cycle the market may achieve greater heights than the previous cycle, and this has already begun to become evident when Bitcoin rose to new levels this year and easily maintained these levels. Gains, indicating that adoption of digital currencies has increased significantly since 2021.
If the price of UNI reaches $50, the market value of all UNI currencies will exceed $50 billion, which is a logical number given that it is the currency of the most important decentralized trading protocol on several blockchain networks, which plays an important role in the development of this field.
One worthy UNI alternative: the Dogeverse meme coin built on multiple blockchains
The UNI currency may be able to rise 5 times its current levels during this bull market, which will please most of its investors, but many are looking for greater gains of up to fifty or a hundred times, and they often turn to the meme currency market, which is known for its intense speculation and fluctuations. Investing in meme currencies It is fraught with risks that cannot be completely avoided, but there is a way to increase the chances of making profits by investing early in meme currencies that have great potential and a reasonable market value before their rise begins.
