- UNI moves higher overnight.
- Resistance at $25 still holds.
- Closest support around $20.5.
Uniswap price analysis is bearish for today as the market could not break the $25 resistance over the past hours and bulls seem exhausted. Therefore, we expect another retracement to the $20.5 support level.
Uniswap price movement in the last 24 hours
UNI/USD traded in a range of $22.61 – $24.69, indicating a moderate amount of volatility. Trading volume has decreased by 4.89 percent resulting in a total turnover of $404 billion. Meanwhile, the total market cap trades around $13.8 billion, resulting in a market rank of 10th place.
UNI/USD 4-hour chart – UNI prepares to reverse?
On the 4-hour chart, we can see UNI/USD failing to move higher over the past hours, meaning that another push lower will be seen over the next few days.
The Uniswap price action continues to trade in a bearish momentum after a high around $29.5 was established at the end of May. From there, UNI/USD retraced 33 percent until support around $20.5 was reached.
Additionally, around the $20.5 support, we can see the 50-61.8 Fibonacci retracement level providing additional support. This means that once it is retested, the Uniswap price will be at a very good price level in terms of potential risk/reward.
If we consider the next major price target to be the $38-$41 area, VET would gain around 85-95 percent from the $20.5 support. However, if the $20.5 mark fails to hold, VET/USD should drop further towards the next major support around $14.
Uniswap Price Analysis: Conclusion
Uniswap price analysis is bearish as the $25 resistance still holds the market from further upside. This should lead UNI/USD to retest the $20.5 support over the next 24 hours. If further low is not set, we can expect UNI to finally break the $25 mark.
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