- UNI tested $25 resistance yesterday.
- Closest support at $21.
- Next support at $17.
Uniswap price analysis is bearish for today as the market rested on the $25 resistance yesterday and moved lower overnight. Therefore, we expect UNI/USD to set another lower low over the weekend with the next support at $17.
The overall market trades in the red today. Bitcoin still has a small gain, while Ethereum has lost 3.8 percent. Solana (SOL) and Polkadot (DOT) are among the worst performers with a loss of 5-7 percent.
Uniswap price movement in the last 24 hours
UNI/USD traded in a range of $22.71 – $24.91, indicating a moderate amount of volatility. Trading volume has decreased by 32 percent and totals $399 billion. Market cap stands at $13.3 billion, ranking the cryptocurrency in 10th place overall.
UNI/USD 4-hour chart – UNI moves away from $25 resistance
On the 4-hour chart, we can see the Uniswap price setting another lower high at $25 yesterday and preparing for further downside over the weekend.
The overall market still tries to recover from the severe retracement seen in May, which resulted in a lower low set at the $13 mark. From there, UNI started to recover and set a swing high at $29.5.
After some retracement, bulls pushed UNI/USD higher and retested the $29.5 resistance again, indicating that bulls are still not ready to push the market higher. What followed was a several day consolidation with the $25 mark serving as a support.
On Tuesday, the market spiked lower to the $21 mark, meaning that a slightly lower low has been established. Yesterday, bulls pushed the VeCahin price higher to the $25 mark to retest the previous support as a resistance.
From there, UNI started moving lower overnight, indicating that bears have taken over the market sentiment and we can expect further downside over the weekend. This should lead Uniswap to the next support at $17.
Uniswap Price Analysis: Conclusion
Uniswap price analysis is bearish as the market retested previous support of $25 as a resistance and started moving away from it overnight. Therefore, we can expect bears to take over once again and push UNI/USD below the $21 mark to set another lower low.
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