The Uniswap (UNI) price just dipped to $9.0, just as hopes had been rising that it was about to reach for the $10 mark, with UNI now around 10% down from earlier session highs in the $9.80s.
No one single catalyst can explain the decentralized exchanges (DEX)’s abrupt reversal.
Rather, UNI’s intra-day turn-around is in tandem with a sell-off in the broader market.
Bitcoin (BTC) just dipped back below $67,000, having touched $72,000 earlier this week.
Other major cryptos were also pulling lower, with Ether (ETH) dropping back to the $3,600s from session highs near $4,000.
Perhaps the market is experiencing a sell-the-news reaction to major positive catalysts this week – expectations that the SEC is about to approve spot Ethereum ETFs and the passage of the FIT21 bill through the House.
Either way, the Uniswap price is taking a hit. Here’s where it could be headed next.
Uniswap Price Prediction – Is $50 Possible?
$10 is a key area of resistance for the Uniswap price. It’s no surprise that UNI has found strong resistance here.
But that doesn’t mean that UNI’s recovery is over. The cryptocurrency recently broke convincingly to the north of its 21 and 50DMAs.
It had previously been stuck in a $6.50-$8.0ish range for over one month.
A run back higher towards $17 could be on the cards later this year.
The Uniswap price could soon power back towards earlier yearly highs. Source: TradingView
The SEC’s u-turn on Ethereum ETFs has sparked hopes they might not go through with charging the Uniswap Foundation.
The Uniswap Foundation received a Wells Notice from the agency earlier this year.
If the agency doesn’t press ahead with charges, that would be a big weight off UNI’s shoulders.
But could it go all the way to $50?
Well, Uniswap hit as high as $45 back in 2021. That was the peak of meme coin mania during the past cycle.
But this cycle could blow the last cycle out of the water. It already is in some ways, with Bitcoin hitting new record highs this year and comfortably holding in this area.
That reflects the fact that crypto adoption has risen leaps and bounds since 2021.
At $50, Uniswap would hit a fully diluted market cap of just over $50 billion.
As the dominant multi-chain DEX protocol that continues to lead its sector forward, that’s not an unfair price prediction.
Uniswap Alternative to Consider – Multi-chain Meme Coin Dogeverse (DV)
UNI could 5x from current levels this bull market. And most investors would be more than happy with 5x gains.
But many investors are hunting bigger upside of 50-100x.
These investors tend to turn to the highly speculative and volatile meme coin market.
Meme coins are of course very risky, and there is no way around it.
But one way that investors can turn the odds in their favor is to get into high-potential meme coins early and at a favorable valuation, before they start to pump.
One meme coin that the team at Cryptonews thinks has a lot of potential is Dogeverse.
Dogeverse has in-built cross-chain capabilities and, as a result, is generating considerable excitement in the market.
One small step for man, one giant leap for multi-chain. #Memecoins #Solana #Altcoins #Ethereum #Crypto #MemeCoinSeason2024 #Web3 pic.twitter.com/bbKMU5qtA4
— DogeVerse (@The_DogeVerse) May 14, 2024
Currently in presale, Dogeverse has raised over $15 million.
Its X account has already garnered a following of over 21,200. The project’s Telegram, meanwhile, has close to 13,000 subscribers.
Dogeverse seeks to be the multi-chain equivalent of Dogecoin and is launching on the six most popular blockchains (excluding Bitcoin).
Dogeverse’s cross-chain bridging capabilities further enhance its appeal, making it a “Doge with superpowers.”
Interested investors should get in quick ahead of the token’s official launch on the 5th of June. The presale will end on the 3rd.
Get ready to blast off with Cosmo!
#Presale ends on June 3rd at 10 AM UTC!
Claim launches on June 5th at 10 AM UTC!
This is your LAST CHANCE to join Cosmo on his #Blockchain adventures before the official launch!
Don’t miss out! The clock is ticking! … pic.twitter.com/QwpzWcm947
— DogeVerse (@The_DogeVerse) May 23, 2024
Visit Dogeverse Here
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