Uniswap’s UNI token has been going through an intensive consolidation phase over the past few days. This brings with it an intense downtrend that takes it to lows of $ 3.60.
While the UNI is currently trading at 10% above these recent lows, the token’s price is still in an uncertain position as it appears to be rising to make a big move in the near term.
If the bears regain control of BTC and the entire market, the UNI could take a hard hit and suffer significant losses.
After developing a more stable market dynamic, the UNI dropped to its lows of $ 3.50 following its top of $ 8.50.
If this level breaks down during any potential downtrend, it could have serious consequences for BTC and the entire cryptocurrency market.
An analyst believes an upward move will take a serious blow to the bears and the UNI will hit the highs of $ 5.30.
UNI Goes Consolidation With Whole Market
Uniswap’s governance token sees a relatively interesting price movement consolidating below $ 4.00 as the volatility of the entire cryptocurrency market declines.
At the time of this writing, UNI is trading horizontally at its current price of $ 3.92, indicating a notable recovery from its $ 3.60 weekly low set at the bottom of the last market wide sell.
The cryptocurrency’s ability to recover from these lows and stabilize around its current price is observed. However, bulls have serious work to do if they want to gain more momentum.
Analyst Claims UNI May Rise to $ 5.30 Soon
There is a possibility that the UNI will soon see significant upward momentum.
One analyst points out that in the short term it tends to rise to $ 5.30 and this could happen if the bulls break the $ 4.15 resistance level.