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Uniswap Price Analysis: UNI/USD thrusts $30 overhead resistance on the daily chart

VET Price Analysis

TL;DR Breakdown

  • Uniswap price analysis today is bullish following a successful break-out
  • Uniswap opened the day at a trading price of $28.345 and rallied to an intraday high of $30.05
  • The coin will continue its path towards the 52-week high at $45

Uniswap Price Analysis: General price overview

Uniswap price analysis today is bullish following a successful break out above the $30 overhead resistance that’s been acting as a wall between the 200-day simple moving average and the overhead target at $44. 

A price movement that has validated our expectations as mentioned in yesterday’s UNI/USD market analysis, where we outlined the possibility of thrusting the $30 resistance and rallying higher in the course of this week.

Generally, the cryptocurrency market is trading bullishly. Bitcoin buyers have come in with large numbers and are already thrusting one price hurdle after the other since July 21, when the leading coin recovered from a high low of $29,000. 

Ethereum is also following in sync as it continues to post record gains with the daily charts. It appears the cryptocurrency market has not been significantly affected by the recent crash in gold prices after the asset dropped to a record 4-months low. 

Uniswap price movement in the last 24-hours

Uniswap opened the day at a trading price of $28.345 and rallied to an intraday high of $30.05. The movement shows the persistence of buyers to cross this price hurdle. 

Meanwhile, the daily range ($28 – $30)  on today’s Uniswap price analysis is quite tight, suggesting mild volatility. The liquidity token is 27.15 percent up from yesterday’s trading volumes, that’s already totaling to $712 million. 

The market capitalization also rose by 4 percent to $17 billion in the past 24 hours; currently, Uniswap is ranked at number 10 among the top ten cryptocurrencies by market cap. 

Uniswap 4-hour price analysis: New heights in the next 24 hours

On the 4-hour Uniswap price analysis, UNI/USD pair is not having a good time with the bears that appear to be acting against the $29 price level. 

The bulls are attempting to rally higher and set a higher intraday high above $30; however, sellers are hot in pursuit of any gains and invalidating any upward movements. 

If the bulls are able to sustain momentum above the overhead resistance, the prevailing bearish pressures will fade away. 

As a result, the coin will continue its path towards the 52-week high at $45. Its first stop towards the target will be $37, around which the coin could face slight losses and retracement to the $30; before consolidating enough strength to beat the $40 price level.

During press time, the UNI/USDT trading pair has a market price of $29.004. On the contrary to the above sentiments, failure to sustain the $30 will have the price of Uniswap correct backward to the 200-day SMA at $25 – which acts as the primary support. 

This will translate to further weaknesses among the bulls and the possibility of the price to crash to $23.50. 

Uniswap price analysis
Source: TradingView

Uniswap price analysis conclusion

The above Uniswap price analysis is suggesting bullishness in the next 24 hours, as the coin reaches out to set more highs in the upcoming hours. As you wait for Uniswap to recoup more gains, check out this guide on how to mine Zcash, as well as other learning guides you’d love to read about the blockchain

Richard Adrian

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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