On the daily chart, Uniswap is remained flat around the $30 range for over a month now with a strong floor around $25 and a ceiling around $35. This makes analysis a bit more simple. If the price can break $35 and the Bollinger Band can stay above the moving average on the daily, then we have a strong likelihood of entering price discovery and making new highs. Bitcoin dominance is also beginning to slip, so we might see a fresh injection of Bitcoin into Uniswap as a speculative play market wide.
On the other hand, if Uniswap fails to test the ceiling and falls below $25, then there could be a correlated correction as low as $19, the next resistance level downward. The most likely cause for this scenerio would be a failed V3 launch in May or another DEX swap rising to take away market share. It’s good to watch all these scenarios to see what plays out first.