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Uniswap Price Prediction for June 2021

Uniswap Price Prediction for June 2021

With Uniswap V3 on the horizon, what will June bring for UNI’s price?

The decentralised finance (DeFi) space has witnessed massive growth over the past few years. Uniswap is one of the most popular names in the DeFi space and performs a whole host of DeFi functions on the Ethereum blockchain.

As one of the leading DeFi platforms and the tenth-largest cryptocurrency by market cap, Uniswap is a cryptocurrency of interest for thousands of traders and investors. This post looks at Uniswap’s price potential for June 2021.

Uniswap Price Analysis

Uniswap has performed excellently so far this year. UNI began 2021 trading at $4.97 per coin. However, as the cryptocurrency market continued to rally, UNI’s price also rallied. The growing adoption of DeFi also saw UNI’s price rally higher, reaching its all-time high of $44.69 on 2 May, representing nearly 1000% in profits from the start of the year.

UNI’s price began to tumble a few weeks ago, as the cryptocurrency market lost over $1 trillion in market cap thanks to a massive correction. The UNI price crashed to $15 per coin towards the end of last month, but it has bounced back, and it is currently trading just above $23.

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UNI price chart. Source: CoinMarketCap

UNI is currently up by roughly 500% year-to-date, making it one of the best performers in the market. Uniswap is one of the top ten cryptocurrencies by market cap, an indication of how much the coin has grown over the past few months. With the DeFi market still growing, UNI remains one of the best cryptocurrencies in the market.

Uniswap Price Factors for June

Uniswap has experienced some interesting events so far this month, and more are expected to come. Let’s examine the fundamentals that will underpin UNI’s June performance.

Uniswap V3

The launch of Uniswap V3 has seen it become the largest decentralised exchange on the Ethereum network, second only to Uniswap V2. With the DeFi market growing, the Uniswap V3 offers excellent features such as greater efficiency and more liquidity. These features could help push UNI’s price higher as its adoption continues. Uniswap V3 will go live on Ethereum’s second layer (L2) via Optimism soon. This will increase scalability and make Uniswap more accessible due to lower fees. This could bring in a new class of user, and further propel UNI’s price skyward.

Hayden Adams, Uniswap’s founder, revealed that the platform would run a liquidity mining program again in short order. If the liquidity mining program returns, it would be a huge boost for the Uniswap network as it would allow users to earn an additional token on top of the regularly expected yield when they add their tokens to the liquidity pool. This would ensure that the network always has adequate liquidity, and it could help push UNI’s price even higher in the coming weeks and months.

Silicon Valley Interest

Perhaps the biggest news for Uniswap this month is the fact that it has gotten the backing of Silicon Valley. According to the Financial Times, Silicon Valley companies are now investing in cryptocurrency projects that could disrupt the financial sector and Uniswap tops the list. With more investment coming into the DeFi space via Uniswap, the decentralised exchange protocol is expected to get a lot more exposure over the coming weeks and months. This could help push its price higher despite the current market conditions.

Governance and Partnerships Growing

The Uniswap governance proposal is also gaining a lot of support within the cryptocurrency space. The proposal suggested setting aside tokens for a new DeFi fund for political lobbying. ConsenSys has given its support, and more crypto entities are expected to back the proposal in the next few weeks. The support would show Uniswap’s strong position in the market.

The Exo Economy is set to launch its native token on the Uniswap platform soon. The Exo platform hosts over 7,800 coaches, investors, and innovation specialists. It is designed to fast-track the development of businesses and streamline their processes.

Uniswap Price Forecast

Uniswap is arguably an excellent cryptocurrency, and this is clear from its fundamental analysis, however its technical indicators are bearish at the moment due to the performance of the broader cryptocurrency market. UNI has struggled to surpass the key psychological resistance at $35 in recent weeks, and if it fails to do this soon, it could affect its performance for the remainder of June.

After reaching an all-time high of $44 last month, the UNI/USD pair has lost nearly 50% of its value and is currently trading below $22 on most exchanges. However, despite the price decline, investors have been trooping into the Uniswap market due to its position in the crypto space.

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UNI/USD chart. Source: Coinalyze

If the UNI/USD pair can maintain the support level at $21, then it could allow the cryptocurrency to break the resistance point at $26, giving the bulls an opportunity to move further towards the major psychological point at $36. However, for UNI’s price to rally that high, it would need the support of the broader market.

If Bitcoin can recover and lead the crypto market into a bull run resumption, then UNI could very possibly follow. With Uniswap V3 now up and running, and the L2 version just around the corner, Uniswap could emerge as a market leader should the bull run get back underway. If the technical picture can heal, Uniswap’s strong fundamentals will bring the targets of $30 and $36 into view.

Please note, the details provided above are entirely a personal opinion of the writer, derived from the relevant market data. None of these are meant to be taken as direct investment advice.

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Ethereum Price Falls by 13% to $2,393 – Where to Buy the ETH Dip

Ethereum Price Falls by 13% to $2,393 – Where to Buy the ETH Dip

The ethereum price is weakening sharply today. The past few weeks have been bad for the broader crypto market and the selling has started again in earnest. While the greatest slump has been felt by bitcoin, altcoins have also not been spared. Ethereum has been losing, and it is barely recovering from the May meltdown.

Last week, ethereum managed to scale some key levels as it reached around $2,500. The largest altcoin in terms of market cap touched $2,800 yesterday, but bears have interrupted the upward price movement, causing another market dilemma. ETH has lost $400 in the past 24 hours to trade, at around $2400. As of writing, ETH’s value was slightly above $2400.

Ethereum Price: bears in charge

Ethereum’s near-term support is at $2,400, and if the coin can maintain above that level it may prevent the decline from deepening further. The Moving Average Convergence Divergence (MACD) metric shows that the coin could be headed into a bearish market.

ethereum price

The chart above also shows that the Relative Strength Index (RSI) may be dropping towards the negative area. However, this is not all bad news because there is still a high chance that the bulls may pick up again, especially after new investors start buying the coin because of the lower prices.

However, a move above the 100 SMA is required for ethereum to show signs of recovery. Further analysis also states that the largest altcoin will only show its full bullish intent when it pushes to above $3,000.

Ethereum has been classified as a better and superior token compared to bitcoin, a factor that may be causing rising prices. Goldman Sachs, one of the leading banks on Wall Street, published a report after the May market crash. The report stated that ethereum had a high chance of overtaking bitcoin as a store of value, and this revelation boosted ethereum’s value towards the end of April.

Ethereum has great fundamentals says Goldman Sachs

According to Goldman Sachs, the Ethereum network had many real-world applications because it offers support to smart contracts, which has created a great space for the proliferation of DeFi applications. Besides, the Ethereum network is also a hub for developing non-fungible tokens (NFTs) that are gaining popularity. These projects increase ether transactions, and it is reducing the volatility of the coin.

Ethereum’s value, just like the value of the broader crypto market, has been affected following the crypto regulations in the market. However, 27-year old founder of Ethereum, Vitalik Buterin, recently interviewed at a Fridman podcast where he said that “I don’t think governments have the ability to ban crypto to the extent of just completely preventing blockchains from existing. But they definitely have the ability to really marginalize it.”

Ethereum’s price is not just slated to be a short-term thing. Towards the end of this year, the Ethereum network plans to launch a layer two upgrade to make the platform even more attractive to DeFi developers. When this happens, the demand for ether will skyrocket, and it may even reach above the $4000 ATH.

Where to buy Ethereum

The dominance of the Ethereum network in DeFi development shows that the token is a great buy because its demand is not as volatile as the other cryptocurrencies. The anticipated layer two upgrades is also expected to push for the token’s value. One can buy ether in the current dip at:

eToro

One of the most recommended exchanges where you can buy ether tokens is eToro. The exchange is popular for crypto trading, and it even has features that allow new traders to learn how to go about the market. Through copy-trading, inexperienced traders can gain insights from crypto experts on the exchange.

Once you sign up on eToro, go to the order section and place an order for the number of ether tokens you want to purchase. You can also sell the token on the exchange.

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