- Uniswap price analysis is bullish today.
- UNI/USD saw a sharp decline overnight.
- UNI found support above the $25 mark.
Uniswap price analysis is bullish today as the market started rejecting further downside after a rapid move to the $25 mark overnight. Therefore, UNI/USD has likely set another higher low and prepares to move higher from there.
The cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, has lost 1.53 percent, while Ethereum is down by 4.41 percent. Solana (SOL) is still among the best performers, with a gain of 16.46 percent.
Uniswap price movement in the last 24 hours: Uniswap saw a quick spike to $25
UNI/USD traded in a range of $25.52 – $29.85, indicating substantial volatility over the last 24 hours. Trading volume has increased by 60.28 percent and totals $843.7 billion. Meanwhile, the total market capitalization trades around $4.73 billion, ranking the coin in 11th place overall.
UNI/USD 4-hour chart: UNI prepares to reverse?
On the 4-hour chart, we can see the Uniswap price rejecting further downside as bulls prepare to take over the market momentum.
Uniswap price action has seen strong bullish momentum over the past month. After retesting the previous swing low at $14, UNI/USD started to rally and since then has gained 120 percent to the current high of $31.
However, Uniswap`s price momentum slowed down over the past week, with only slightly higher highs set each time. This movement resulted from bulls finally becoming exhausted after such a strong rally, meaning that a retracement was needed.
Yesterday, UNI/USD finally saw a substantial retracement, with a rapid spike to the $25 mark. Uniswap rejected further downside above the support and started to consolidate, indicating an upcoming reversal.
Overall, this price action development should lead UNI towards another rally later this week, with the $30 resistance retested again.
Uniswap Price Analysis: Conclusion
Uniswap price analysis is bullish for the next few days as a strong retracement of around 15 percent was seen over the last 24 hours, and support was found above the $25 mark. Therefore, we expect UNI/USD to regain some of the loss later this week and look to retest the $30 previous resistance again.
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