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Uniswap (UNI) has weakened more than 10% since March 02, falling from $6.83 to a low of $6.03. The current price of UNI stands at $6.28, which is more than 65% off from its 2022 highs that were registered in January.

But where is the price of  Uniswap (UNI)going next, and what can we expect from the rest of March 2023?

Today, Crypto Lists will discuss Uniswap (UNI) price estimates from a technical and fundamental analysis perspective. Please note that there are also many other factors to consider when entering a position, such as your time horizon, willingness to risk, and how much margin you have if trading with leverage.

A service similar to a traditional exchange

Uniswap is a software running on Ethereum that seeks to incentivize a global network of users for automated liquidity provision. It does not require intermediaries or custodians to facilitate trading, and it leverages multiple crypto assets, including its native UNI cryptocurrency, to provide a service similar to a traditional exchange.

This is a very successful project that was released in 2018 by founder Hayden Adams who designed it to facilitate the buying and selling of crypto assets in a way that mirrors a traditional exchange. Uniswap has a decentralized pricing mechanism that allows users to swap between ERC tokens without the need for an order book. Rather than maintaining a central order book where buyers and sellers can place orders, Uniswap instead uses a collection of liquidity pools.

Each Uniswap pool holds two tokens, which together represent a trading pair for those assets, so for example, Uniswap’s DAI/ETH liquidity pool consists of equal values of DAI and ETH deposits. In exchange for maintaining liquidity, providers are rewarded with a portion of the trading fees and newly minted UNI cryptocurrency.

“Deposits in these pools are essential to Uniswap’s operations, as users can then buy and sell cryptocurrencies from the liquidity pool, swapping out one token for another. Anyone can list a token on Uniswap as long as there is a liquidity pool for traders. However, Uniswap is built on Ethereum, meaning it does not list tokens trading on other blockchains.”

 

– Uniswap Team

Uniswap’s cryptocurrency UNI plays an important role in operating its network, and users who hold UNI can vote on proposals that might further Uniswap’s development and improve its ecosystem. UNI may be of interest to investors who seek to access a wide range of projects built on the Ethereum blockchain, but the future success of Uniswap also depends on the competitors’ moves.

The beginning of the 2023 year has been very successful for UNI; however, the trend has changed in the last two weeks. Uniswap (UNI) has weakened more than 15% since February 19, and the risk of further decline for UNI is not over.

Rating: 8.83/10
Supply: 627,964,032 / 10,000,000,000
Release date: January 1, 2021

Description: Purchase UNI today!

Risk warning: Trading, buying or selling crypto currencies is extremely risky and not for everyone. Do not risk money that you could not afford to loose.


Silvergate Capital announced that it’s experiencing operational issues

The cryptocurrency market remains under pressure after Silvergate Capital reported on Thursday that it’s experiencing operational issues. Silvergate Capital provides financial infrastructure services to some of the world’s largest cryptocurrency exchanges, institutional investors, and mining companies.

Silvergate Capital’s warning fueled fears of a domino effect, and not long after that, Bitstamp, Coinbase, and Crypto.com took it to publicly sever their relationships with Silvergate Capital.

Craig Erlam, a senior market analyst at OANDA, said the Silvergate development brings risks of further negative effects in the industry, and traders should keep in mind that the crypto selloffs could gather speed if Bitcoin falls below the $20,000 mark again.

Investors should continue to take a defensive investment approach in the upcoming weeks amid expectations of “some market turbulence,” especially after strong economic data this week suggested that the Federal Reserve could resort to further tightening, which could dent even more sentiment on the cryptocurrency market.

“The worry is that not only has the survey indicated a downturn in economic activity, but the rate of input cost inflation has accelerated into the new year, which could encourage a further aggressive tightening of (Federal Reserve) policy despite rising recession risks.”

 

– Chris Williamson, Chief Business Economist, S&P Global Market Intelligence

Technical analysis for Uniswap (UNI)

Uniswap has weakened from $7.62 to $6.01 since February 19, 2023, and the current price stands at $6.28. Uniswap (UNI) might have a hard time holding above the $6 level in the upcoming days, and a break below this level would indicate that UNI could probably test the price level at $5.

Technical analysis for Uniswap (UNI)

Important support & resistance levels for Uniswap (UNI)

On this chart (the period from May 2022), I marked important support and resistance levels that can help traders to understand where the price could move. Uniswap (UNI) has weakened from its recent highs, but if the price jumps above the resistance that stands at $8, the next target could be $9.

The current support level is $6, and if the price breaks this level, it would be a “SELL” signal, and we have the open way to $5.5. If the price drops below $5, which represents an important psychological support level, the next target could be located around $4 or even below.

Important support & resistance levels for Uniswap (UNI)

What speaks for the rise in the Uniswap (UNI) price

The upside potential for Uniswap (UNI) probably remains limited for March 2023; still, if the price advances above the resistance that stands at $8, the next target could be resistance at $9.

It is also important to note that any news that gives hope that the Fed is becoming less hawkish is viewed as a positive for cryptocurrencies, and UNI could advance from the current price level if the Federal Reserve hints at slowing the pace of rate increases.

What indicates further downfall for Uniswap (UNI)

Uniswap (UNI) has weakened more than 15% since February 19, 2023, and despite this, market participants should be ready for another potential downward move. Silvergate Capital reported that it’s experiencing operational issues, and some of its major clients were incentivized to seek alternative solutions or sell their positions to reduce exposure in the crypto sector.

Because of this, the sentiment on the cryptocurrency market fell again, while the possibility that the Federal Reserve could raise its policy rate to a level higher than it projected might add another pressure in the weeks ahead. The price of UNI is also correlated with the price of Bitcoin, and if the price of Bitcoin drops again below the $20000 price level, we would probably see UNI at lower price levels.

What do analysts and experts say?

Fundamentals of Uniswap (UNI) are strongly tied to the overall cryptocurrency market, which remains under pressure after the popular crypto-centered financial institution Silvergate Capital announced on Thursday that it couldn’t file its financial reports due this month and that it’s experiencing operational issues.

Analysts and experts also warn that the US central bank might raise interest rates by 50 bps this month, which is negative for the prices of stocks and cryptocurrencies. The US central bank will have its meeting on March 21, and Quincy Krosby, Chief Global Strategist for LPL Financial, said that if inflation continues to climb, there could be enough voting members to push for a 50 basis point move.

Disclaimer: Crypto is extremely volatile and not suitable for everyone to invest in. Never speculate with money that you cannot afford to lose. The information on this site is presented for educational purposes only and should not be construed as investment or financial advice.

by Our Certified Author
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