- Bears are defending an overhead resistance at $23.5
- UNI/USD pair has its August high at $23.02
- Uniswap has, however, rallied by over 45% in the past three weeks since July 20th.
Uniswap Price Analysis: General price overview
The long wick candlestick at the beginning of the new month implies the bears are defending an overhead resistance at $23.5 without giving up too much ground, which is a positive indicator for buyers. The UNI/USD trading chart for the 24-hour price chart formed a descending channel since the session opened to an intraday low of $20.624 on the 1-hour chart.
Despite a negatively trading market, a bullish crossover of the moving averages and high momentum on the RSI suggests buyers are in control, with a possible price hike to $23.45.
Close observations on the market choppiness index, price fluctuations of the Uniswap token are unpredictable. This indicates the price could go up as quickly as it goes down. The market moves in both directions and signals that there won’t be any consistent direction soon over the next sessions.
Buyers are attempting to build up a demand zone between $21 – $23, which will help the coin overturn bearish pressures and overcome the overhead price resistance. On the other hand, sellers are persistently acting against the $20 support and could crash any hopes for the buyers to sustain the price of the coin above this level. Thereby pulling the price of Uniswap back to late July’s lows.
Uniswap price movement in the last 24-hours
According to observations on the daily trading chart for our Uniswap price analysis, the UNI/USD trading pair trades between $18.8 and $19.60. The present market capitalization is estimated at about 190 million USD on Coinmarketcap. At this time, Uniswap stands at position ten among the top ten cryptocurrencies.
Uniswap Bears are attempting to break the $20 support and build rejection near the 20-day exponential moving average at $19.55. In the meantime, the bulls can improve their technicals by rebounding from the 1-hour crash towards $20, and strengthen the exponential moving average, thereby increasing its chances of breaking out of the overhead resistance.
UNI/USD 4-hour chart:
Uniswap has its August high at $23.02. On the 5-day chart, we can see that Uniswap price has seen a loss of momentum over the past few days. Nonetheless, the 4-hour chart indicates chances of recovery around $21 and the possibility of breaking out of today’s intraday high of $22.74.
However, the cryptocurrency has rallied by over 45% in the past three weeks since July 20th. The strong rally is enough indication the bearish momentum may be coming to an end soon, as it was the first indication of any recovery from May’s crashing market.
At the time of writing, Uniswap is trading at $21 against the USD.
Uniswap price analysis conclusion
Uniswap price analysis is bullish in the upcoming sessions as further upside momentum has gradually slowed following a strong rally earlier this week. Therefore, the UNI/USD pair is likely to reverse a little bit lower, then build momentum to retest levels above the overhead resistance.