$UNI After the expectations of Uniswap (UNI) currency reaching $10 soon rose, its price just dropped to $9, which is about 10% off its highest level in the previous session at $9.80,without any clear cause for this sudden reversal towards this decentralized trading platform's currency.

However, UNI's decline during the day aligns with the large sell-offs witnessed in the crypto market, where the price of Bitcoin (BTC) just dropped again below $67,000 after touching $72,000 earlier this week. Other major digital currencies like Ethereum (ETH) also fell, currently hovering around $3,600, down from their previous session highs near $4,000.

These declines may be the market's reaction to selling to reap profits from the positive news this week, such as the expectations of the Securities and Exchange Commission (SEC) approving Ethereum Spot ETFs and the House of Representatives passing the FIT21 bill.

Anyway,the UNI currency price took a strong hit, and we will discuss our expectations for its next trends.

Uniswap currency price predictions, can it reach $50?

The $10 level is a major resistance area for the UNI price, which is expected but does not mean that its upward path has ended. It has recently risen and stabilized above the 21 and 50-day simple moving averages after being stuck in a range between $6.50 and $8 for more than a month. We may see it rise above the $17 level later this year.

On the other hand, the SEC's changing stance towards Ethereum Spot ETFs has renewed hope of not imposing fees on Uniswap Foundation, especially after the committee earlier this year sent a Wells Notice to notify Uniswap that it would take enforcement action against it for violating securities laws. If the committee does not proceed with these charges, it will lift a significant burden off the UNI currency, but this does not answer the question of whether its price can reach $50.

The UNI currency reached $45 in 2021 during the peak of the meme coin craze in the past bullish market, and the market may achieve higher rises during the current bullish cycle than the previous one. #UNI