- Uniswap price analysis is bearish for today
- UNI/USD traded in a range of $26.45 – $27.14
Uniswap price analysis is bearish for today as the market rallied more than 10 percent on Tuesday and retested the weekend swing high at $30.Meanwhile, the coin retraced 7 percent downwards on the 24-hour chart. Since UNI/USD started to consolidate, we assume bulls are exhausted, and we anticipate the coin to retrace later during the day.
The overall cryptocurrency market traded bearishly with almost if not all coins posting record losses over the last 24 hours. Bitcoin, Ethereum, and ADA lost 2.31, 4.30, and 4.50 percent respectively.
Uniswap price movement in the last 24 hours: Uniswap flip $28 into resistance
UNI/USD traded in a range of $26.45 – $27.14, indicating extremely low volatility over the last 24 hours. Trading volume has increased by 17.1 percent and totals $427 million, while the total market capitalization trades around $16.5 billion, ranking the coin in 11th place overall.
UNI/USD 4-hour chart: UNI prepares for a retracement?
On the 4-hour Uniswap price analysis chart, we can see the UNI/USD attempting to fight the bears who are working against the clock to exert a pullback force towards the $23 support. A price action that suggests we should expect a retracement.
Uniswap price action has traded with a strong bullish momentum over the last month. From the previous major swing low of around $20, UNI/USD has gained almost 50 percent to the current swing high of $30.
Since another 10 percent were gained yesterday. After another higher low was set on Sunday, UNI started to consolidate around the $30 mark, which suggested that bears were had increased their selling pressure at this point.
This price action development should lead the Uniswap price towards another retracement later today. Target to retrace to is seen at the $24 previous minor swing high resistance. From there, UNI/USD should continue higher later this week.
Uniswap Price Analysis: Conclusion
Uniswap price analysis is bearish for today as the market set yesterday’s high at the $29th mark and started to consolidate overnight. Therefore, we expect UNI/USD to reverse later today and retrace some of the gains seen yesterday.
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