- Uniswap price analysis bulls attempted to overturn a descending channel in the morning
- The market is trading tightly sideways with the choppiness index pointing at 33
- At the time of writing, Uniswap (UNI) is trading at $29.993
Uniswap Price Analysis: General price overview
Uniswap price analysis bulls attempted to overturn a descending channel and bounced at $29 today’s chart. The market choppiness index indicated low volatility UNI/USD continued to trade within a daily range of $29.76 and $30.60. The bulls could have hoped for more volumes into the weekend and subsequently pushed the price upwards.
An immediate support lies at $28.50 yet the bears have increased resistance at $30.00, thereby preventing a rally towards the $33 target. Overall, Uniswap price analysis across the 24-hour chart is bullish. Positive signals are developing on the 4-hour chart and could have the price form a rising channel towards the next main immediate support.
Uniswap price movement in the last 24 hours
The market is trading tightly sideways with the choppiness index pointing at 33 on the daily Uniswap chart.
UNI/USDT price action is almost closing in on the daily high at $30.70 The down-sloping moving averages have come into a hiatus, however, the chances of breaking out of the consolidating channel remaining slim.
Nonetheless, the bulls have built minor support at $16.2 and this will prevent the coin from retesting the daily low at $16.07. Meanwhile, the long-term major trendline is bearish and poses alot of danger if the bulls are unable to sustain a break out above the $16.90 immediate support.
Failure could result in further losses towards $24.50. In such a case, the next support level will be the psychological $20 mark followed by the probability of a relief rally that is most likely to face rejection around $22.
The relative strength index has fallen from overbought into the oversold territory at 27. Note the RSI is slanting downwards suggesting the possibility of ending up in a dangerous bearish zone.
Uniswap 4-hour price chart
At the time of writing, Uniswap (UNI) is trading at $29.993 against the US dollar. High seller concentration is holding the price hostage between $29.5 and $30.00. There is a positive recovery signal on the 4-hour chart but low trading volumes and high supply for UNI might be postponing the rally.
Uniswap price analysis conclusion
Today’s Uniswap price analysis is bullish as buyers prepare for another rally against the $30 price level, which is the steering force towards high targets between $33 and $37.