The Uniswap (UNI) price recently dipped to $9.0 after hopes were rising that it would reach the $10 mark. UNI is currently down around 10% from its earlier session highs in the $9.80s. The drop cannot be attributed to a single catalyst but is in line with a broader market sell-off. Bitcoin (BTC) also fell below $67,000 after touching $72,000 earlier in the week, and other major cryptocurrencies like Ether (ETH) also saw a decline. The market could be experiencing a sell-the-news reaction to positive catalysts such as the expected approval of spot Ethereum ETFs by the SEC and the passage of the FIT21 bill through the House, leading to the downturn in Uniswap’s price.
The Uniswap price prediction suggests that $10 is a key area of resistance for UNI, but that doesn’t mean the rally is over. The cryptocurrency recently broke above its 21 and 50DMAs and had been stuck in a range of $6.50-$8.0 for over a month. It is possible that a run higher than $17 could occur later this year. The SEC’s U-turn on Ethereum ETFs has raised hopes that they may not charge the Uniswap Foundation, which received a Wells Notice earlier this year. If charges are not pressed, it could alleviate some pressure on UNI. The possibility of Uniswap reaching $50 is also discussed, as it had already reached $45 in 2021 during meme coin mania, and this cycle is expected to outperform the previous one.
For investors seeking bigger upside potential of 50-100x gains, the highly speculative and volatile meme coin market is an option. Dogeverse, a meme coin, is considered to have a lot of potential and is currently in presale, having raised over $15 million and gained a significant following on social media platforms. Dogeverse aims to be the multi-chain equivalent of Dogecoin and is launching on the six most popular blockchains, excluding Bitcoin. The coin’s cross-chain bridging capabilities add to its appeal, making it a “Doge with superpowers.” Interested investors can participate in the presale before the token’s official launch on June 5.
Crypto investments are high-risk, and Dogeverse is no exception. It is crucial to conduct thorough research before investing in any cryptocurrency. The potential for 5x gains in UNI during this bull market is considered a significant opportunity by many investors, but others are looking for even higher returns in the meme coin market. Dogeverse presents a unique opportunity for investors seeking exposure to a high-potential meme coin early on, with the presale ending on June 3. As with any investment, caution and due diligence should be exercised to mitigate risks associated with the volatile crypto market.
