• UNI price is currently contained inside a significant daily downtrend.
• Bulls struggle to find the bottom as most indicators remain negative.

Right after its successful airdrop, UNI started consolidating due to significant selling pressure, which was expected. The price of Uniswap has fallen by more than 77% in the past month and continues declining.

One of the most critical patterns broken was a descending wedge which had a breakdown in November with a price target of $1.67. The current price of UNI is $1.95 which seems to be aiming for that target. 

UNI price prediction: How low can UNI actually go?

It seems that UNI bears have no limit as the price of the digital asset continues plummeting. After the breakdown of the 12-hour chart descending wedge on November 3, UNI bears are aiming for a price target of $1.67.

UNI/USDT 12-hour chart

Although the RSI is heavily overextended, it will most likely not stop the price of UNI from hitting $1.67. Furthermore, the number of new addresses joining the Uniswap network has declined by 18.5% in the past week. Similarly, the number of active addresses is 12% lower.

UNI new and active addresses chart

However, not everything is lost for the bulls. The second-ever governance proposal on Uniswap has failed. UNI token holders had the chance to vote in favor or against a proposal seeking to reward 12,619 wallet addresses to receive 400 UNI tokens each if they used Uniswap through a third-party platform or proxy.

Although it looked like the proposal was going to pass, it didn’t, which is a huge relief for the bulls as it stops further selling pressure. If the price of UNI can bounce back up, the next likely target would be $2.22 which is the lower trendline of the descending wedge.

From: FXSTREET