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UNI course forecast: will the UNI course double in August?



 The UNISWAP price is extremely bullish and could rise even further in August. Will the UNI course now double?


The Uniswap token UNI could more than double in price

The UNI price has almost tripled since it bottomed at around USD 3.3. Because the UNI price has now reached our target price of around USD 9, where it is now encountering resistance on the golden ratio. In the last Uniswap price forecast , when the UNI price was still around USD 7, we wrote:


“UNI price broke the 0.382 Fib resistance at around $6.85 and is now on its way to the golden ratio around $9 where the 200-day EMA also runs, which also acts as resistance.”


In addition, the MACD in the weekly chart is clearly bullish, because the histogram has been ticking bullishly higher for several weeks and the MACD lines are bullishly crossed. The RSI is neutral.


If the UNI price now breaks the golden ratio at around USD 9, the next significant resistance awaits at around USD 11.35, because there the Uniswap price meets the 50-week EMA. That implies upside potential of around 25%.


If UNI price even breaks the 50-week EMA to around USD 11.35, UNI could rally to the next significant Fib level around USD 19.3. That implies a price rally of around 156%, more than a doubling of the price.


Will UNI Course Break Golden Ratio Now?

The 200-day EMA also runs through the golden ratio, which acts as additional resistance at around USD 9. Meanwhile, the 50-day EMA is serving as significant support at around $7.


In fact, this is UNI's second attempt to break the golden ratio resistance at the 200-day EMA. Previously, UNI failed and should UNI fail again, UNI will again find support at the 50-day EMA around $7. The MACD is rather bearish in the daily chart, because the histogram is ticking bearishly lower and the MACD lines are about to cross over bearishly. The RSI is also neutral here.


What Happens When UNI Rate Gets Bearish Rejection?

Should UNI be rejected at the golden ratio at around USD 9, significant Fibonacci support awaits the Uniswap course at around USD 7.4 and USD 5.5 at the latest. Overall, the Uniswap course looks extremely bullish, because hardly any cryptocurrency has tripled in price since the low point a few weeks ago.


Also against BTC, UNI is at Fibonacci resistance

Against BTC, UNI price is struggling with the 0.382 Fib resistance at around 0.00041 BTC. If UNI bullishly breaks this resistance, the next significant Fib resistance awaits at around 0.00058 BTC.


On the downside, the 50-week EMA is acting as significant support around 0.000307 BTC. In addition, the histogram has been ticking bullishly higher on the weekly chart for several weeks, and the MACD lines are also crossed bullishly. Here, too, the RSI is neutral.


Overall, things are looking very bullish for Uniswap in the medium term, but there could be a setback in the short term.


Disclaimer

All information contained on our website has been researched to the best of our knowledge and belief. The journalistic contributions are for general information purposes only. Any action taken by the reader based on the information found on our website is entirely at their own risk.

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