Uniswap Price Could Drop By 45% Despite Robinhood Listing

The Uniswap price could drop by 45% despite the Robinhood listing which brought UNI some of its recent gains but still didn’t guarantee an extended bull run so let’s read more today in our altcoin news.

The latest UNI price patterns suggest that the investors should be prepared for a correction after gaining 20% over the past week. UNI’s price has been trending upwards since mid-June inside what seems to be a rising wedge with the analysts seeing a bearish reversal pattern because of the history of luring the bulls into buying fake-out bounces. The rising wedges resolved after the price broke below the lower trendline and the traders often calculated the rising wedge’s downside target by subtracting the distance between upper and lower trendlines from the breakdown point.

UNI is now on Robinhood @Uniswap #CryptoListing https://t.co/KBoYMziAyc

— Robinhood (@RobinhoodApp) July 14, 2022

This can put UNI’s downside target at $3.8 which is down by 45% from the July 15 price if the breakdown starts near $6.52. The target will shift upwards to $4.56 if the breakdown originates at the apex where the trendlines often converge and result in a drop of 32%. A rising wedge also formed between April and February and the pattern snapped a 65% upside move with a 70% price slump that took the UNI value to $3.56 per unit. The Uniswap price could drop again as the coin has been painting an inverse head and shoulders pattern that has an upside target sitting near $9.50 or up by 40% from the price levels.

The US-based zero-fee trading app Robinhood also announced that it added Uniswap to its portfolio of crypto for more than 22 million retail investors. The listing doesn’t guarantee an extended bull run but the market witnessed the Shiba Inu case. The company’s decision to list SHIB assisted the token with increasing by 20% but then it could help it hold on to the gains with the SHIB price crashing 60% after the Robinhood listing.

As recently reported, Uniswap suffers phishing attacks with more than $8 million being lost after LP NFTS were drained from users that approved malicious transactions, Hayden Adams confirmed. The hacker managed to target the liquditiy providers of the Uniswap v3 protocol and executed an elaborate phishing campaign with more than $8 million in ETH being lost in the attack so far.