In short, the Uniswap price has dropped by over 23% from its highest point this week, but some crypto analysts remain optimistic that it will bounce back. One analyst believes the UNI price will reach $12, up by 45% from the current level, if it holds the support at $8.062. This bullish case is based on Fibonacci Retracement levels and Elliot Wave chart patterns.
Meanwhile, another analyst identified a potential inverse head and shoulders pattern, which is a popular bullish reversal sign. Uniswap has some solid fundamentals, such as being the biggest decentralized exchange (DEX) and handling over $24 billion in volume in the last seven days. If the UNI price moves above this week’s high of $10.75, it could push it to $12, the highest level in June.
However, if it drops below the 100-day moving average of $7.6, it may retest the key support at $6.65.
