The recovery of the crypto market is generating some gains for UNI, which has risen 9.10% in the last 24 hours, however there is still a bearish direction that could continue to exert pressure. If you want to find out where the Uniswap token price is going, stay and read this analysis and forecast.

Recently this decentralized exchange was upgraded to a V3 version, and at the time of this writing accumulates a total blocked value (TVL) of $1,590 million, while the trading volume in the last 24 hours was $860 million.

Liquidity has not yet fully migrated from the V2 platform. We see that in this version are blocked about $ 4.280 million and a daily volume of $1.120 million.

Deteriorating health?

In both values we noticed a great decrease due to the general decrease of the market and the migration of funds to the new update.

Uniswap’s all-time high for TVL was nearly $10 billion, which means it has been reduced by 50%. The maximum volume reached by this DeFi, was $3,600 million, quite far from the current $1,120 million.

Despite everything, these values are incredibly far from what we had less than a year ago, when the rise of DeFi was just beginning.

Today Uniswap is the largest decentralized exchange thanks to its daily trading volume, also becoming a benchmark within the ecosystem.

Its native token, UNI, is ranked 10th in CoinMarketCap’s ranking, thanks to a market capitalization of $10.175 billion.

With this, we can ensure that it has a good state of health, and that it is a matter of positivism taking over the crypto ecosystem again, so that it begins to recover strongly.

Technical analysis of the Uniswap token (UNI)

On the weekly UNI vs USDT chart we notice a recently marked lower low, which tells us of a short-term bearish direction.

However, when we look to the left, we see that this direction is quite overshadowed by the mega rise that the price of this token has made over the last few months.

Although we do not yet see a clear sign that the bottom of the fall was reached, most likely it has already been marked, or otherwise we are very close to it.

The recent failure to traverse support at $13.65 speaks to us of sellers ‘ exhaustion, possibly announcing the retracement background.

To think of a bullish resumption, the immediate resistance at $25.72 must be traversed, which may kick off a search for new all-time highs.

Short-term key levels

It is clear that we have a short-term bearish direction, which could continue to generate problems as long as the bulls do not appear with determination.

It seems quite likely to see some more losses, but that could be slowed over the large support zone surrounding the $ 14.

Should that support be lost, UNI could develop a new bearish momentum, and reach at least $12. Below the next target is $9.63.

A short-term bullish transition begins when resistances begin to be traversed. The most immediate is at $18.11.

Analysis of the daily chart of the Uniswap token (UNI). Source: TradingView.
Analysis of the daily chart of the Uniswap token (UNI). Source: TradingView

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