- UNI retraced overnight.
- Support found around $25.5 mark.
- Uniswap is ready to test the $30 mark next.
Uniswap price analysis is bullish for today as the market started to rally once again after setting a higher low around the $25.5 mark overnight. Therefore, we expect UNI/USD to push towards the $30 resistance next and break past the previous swing high.
The cryptocurrency market trades with mixed results over the last 24 hours. The market leader, Bitcoin, is up by 2.3 percent, while Ethereum is up by 0.4 percent. Rest of the top altcoins trade with similar, low volatility price action.
Uniswap price movement in the last 24 hours: Uniswap finds a higher low around the $25.5 mark
UNI/USD traded in a range of $25.40 – $28.33, indicating mild volatility over the last 24 hours. Trading volume has increased by 6.83 percent and totals $546.8 billion, while the total market capitalization trades around $4.66 billion, resulting in a market rank of 10th place.
UNI/USD 4-hour chart: UNI ready to break $30 resistance next?
On the 4-hour chart, we can see the Uniswap price starting to rally again after a higher low was established, around $25.5.
Uniswap price has moved with a very strong bullish momentum over the past weeks. After a brief retest of the previous major swing low around $14 on the 20th of July, UNI/USD started to rapidly advance and broke past the previous swing high around $23.5 on the 5th of August.
From the $23,5 resistance, Uniswap price continued to rally last week until the $29 mark was reached on the 7th of August. Yesterday, further upside could not be set, and the market started to retrace. Support was eventually found around the $25.5 mark overnight, with further downside rejected.
This price action development resulted in a new higher low set, sending UNI/USD towards another rally earlier today. Overall, Uniswap is expected to see further upside over the next 24 hours, with the $30 mark as the next major resistance target.
Uniswap Price Analysis: Conclusion
Uniswap price analysis indicates bullish momentum to follow over the next 24 hours as a new higher low was set overnight around the $25.5 mark. Earlier today, UNI/USD started to rally once again and currently has approached the previous swing high, which should lead UNI towards further upside over the next 24 hours.
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