Uniswap (UNI) can break sideways trend with RSI reading offering a bit of positive outlook

There hasn’t been a lot to write home about Uniswap (UNI) as far as price action goes in recent times. The UNI/USD chart largely shows a sideways trend over the past few weeks. At the time of writing this post, UNI was trading at around $15, slightly higher above its bottom support. Some analysts are however betting on a possible rally in the near term with RSI readings showing a positive outlook. Here are some important facts:

• UNI has already fallen towards its bottom support of $14 offering enough upside for Growth

• RSI score suggests UNI is undervalued and primed for a trend reversal in the near term

• But still, crucial Exponential Moving Averages (EMAs) show a bearish alignment

Data Source: Tradingview.com 

Uniswap (UNI) – Price Prediction and Analysis

Analysts are looking at resistance levels of between $16.6 and $18.2.  Also, although UNI is trading slightly higher than its bottom support of $14, if a downtrend persists, the coin could try and find support around $12.7 or $10.56 if it gets really ugly. 

It also seems unlikely that the token could regain its highs of $32 in the near term. Heading above $18 right now seems like the next main goal. If indeed the token breaks above that threshold, we could see an upward trend that breaks the sideways moves that have characterised UNI in recent weeks.

Should I buy Uniswap (UNI) Today?

The answer is yes. The underlying fundamentals are quite good. First, Uniswap is the largest decentralised exchange in the world right now and has seen massive popularity. Although other DEXs are stepping up to compete with Uniswap, it will still be a big player in this space. Also, UNI prices have tanked quite a lot this year. At just $15, it’s a bargain considering this token was at $32 not long ago.