Trader Claims Uniswap’s UNI Will Plunge to $2.00 Prior to Platform’s V3 Launch

Uniswap’s UNI token has been struggling to garner any sustainable upwards momentum over the past few days and weeks, with each rally being met with massive inflows of selling pressure that force its price lower.

There are no immediate catalysts for it to see any significant upside, as it will still be quite some time before any governance proposal is put forward and passed to distribute fees to holders, and there’s no definitive date for when V3 of the platform will be released.

How To Get Free Crypto  

Until either of these two events take place, it remains unclear as to when the cryptocurrency will be able to see any sustained upwards momentum.

14 BTC & 95,000 Free Spins for every player, only in mBitcasino’s Exotic Crypto Paradise! Play Now!

One narrative that could bolster the cryptocurrency in the future is the regulatory clampdown and series of hacks seen by centralized exchanges as of late.

The $150m KuCoin hack a few weeks ago directed a spotlight onto the risks incurred by holding capital on centralized platforms. The recent arrest of the OKEx founder – which resulted in 200,000 BTC being locked within the platform, further bolstered the case for DEXs.

Despite this growing narrative, one analyst believes that Uniswap’s UNI will continue plunging lower in the days and weeks ahead, potentially hitting the lower-$2.00 region.

Coinbase Banner  

Uniswap’s UNI Struggles to Gain Momentum as Selling Pressure Mounts

Directly following the recent news of OKEx’s crypto withdraws being suspended, Uniswap’s token price rocketed higher, signaling that investors anticipated this news to provide DEXs with a boost.

It has since surrendered these gains and is currently trading down marginally at its current price of $3.00.

It does appear that a break below the $3.00 support level is imminent, which could kick off a fresh bout of selling pressure.

Analyst: UNI Likely to Plunge Towards $2.00 Before Rebounding

One analyst explained that he believes a move to $2.00 is imminent for Uniswap’s UNI.

However, he does note that the token could get a near-term boost if decides to switch strategies from Curve to Uniswap in the near-term.

“UNI I’m shorting everything above $3.2. Alpha leak: Expecting YFI to change strategy from CRV to UNI long before UNI v3 launch,” he said.

Image Courtesy of Mac. Source: UNIUSD on TradingView.

Unless there’s some catalyst that shifts its near-term trend, Uniswap’s UNI will likely continue drifting lower in the near-term.

Featured image from Unsplash.
Charts from TradingView.

Go to Source
Author: Cole Petersen

Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

FreeBitcoin Banner  

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.