Uniswap price rises as crypto experts see it hitting $50

Uniswap’s price has risen above a key resistance level and many crypto experts are predicting further gains ahead.

Uniswap (UNI) token rose to $19.44, its highest level since December 2021, as crypto momentum continues to strengthen.

This rally coincides with strong inflows on decentralized exchange (DEX) networks. Data shows that DEX platforms traded over $372 billion worth of tokens in November, marking the largest monthly increase in history.

Uniswap alone has solidified its position as the industry leader by processing $30.86 billion in volume in the last seven days. Its volume significantly exceeded the total volume of competitors such as Raydium and PancakeSwap. Over its lifetime, Uniswap has facilitated more than 465 million transactions valued at more than $2.36 trillion.

Uniswap’s price is also gaining momentum as traders await the launch of UniChain, the platform’s independent Layer-2 chain. UniChain aims to enable seamless cross-chain trading on a single platform. Currently in the testnet phase, UniChain is scheduled to launch early next year.

At the same time, the possibility of the Trump administration dropping the lawsuit filed against Uniswap by the Securities and Exchange Commission is increasing. The SEC alleged that the company was providing securities on its platform without registration.

Uniswap price analysis Uniswap price chart | source: crypto.news

The weekly chart reveals that UNI has formed a sloping triple bottom pattern, which is an indicator of a reversal to the upside. The price broke above the formation’s neckline at $17.13, indicating that the bulls are firmly in control.

UNI is also approaching the 38.2% Fibonacci Retracement level at $19.23. Moreover, as it moves above the 50-week moving average, the MACD indicator and the Relative Strength Index are in an upward trend.

The path of least resistance for UNI remains bullish with a long-term target of $50, which represents an upside of approximately 180% from the current level. This aligns with the predictions of analysts such as Crypto Tigers.

For this to happen, Uniswap price will need to rise above the 50% retracement point of $24 and the all-time high of $45.