- Uniswap price analysis is bullish for today.
- UNI/USD saw a quick retest of $28.5 support today.
- Uniswap heavily rejected any selling pressure over the past hours.
Uniswap price analysis is bullish today as the market saw a quick spike lower to $28.5, where any further downside was heavily rejected. Therefore, we expect UNI/USD to rally higher today and breach the $31 resistance next.
The cryptocurrency market traded in the green over the last 24 hours. The market leader, Bitcoin, is up by 2.41 percent, while Ethereum is up by 0.12 percent. Meanwhile, Solana is up by 15 percent and is the best performer today.
Uniswap price movement in the last 24 hours: Uniswap rallies to $30 before a quick spike lower
UNI/USD traded in a range of $28.57 – $30.28, indicating strong volatility over the last 24 hours. Trading volume has increased by 49.82 percent and totals $676.44 billion, while the total market cap trades around $18 billion, ranking the coin in 11th place overall.
UNI/USD 4-hour chart: UNi ready to break $31?
On the 4-hour chart, we can see Uniswap price preparing to rally after rejecting any further selling earlier today.
The Uniswap price has seen a substantial advance over the past weeks. After establishing a significant swing low around $14, UNI/USD rallied by around 120 percent to the $31 resistance.
From there, we saw a strong retracement to the $35 mark, which was retested again on the 26th of August after a lower low was set below $30. From there, UNI/USD set a slightly higher high at $26 and saw a rapid advance last week.
The $31 resistance prevented further upside, resulting in another short-term retracement for Polkadot. Support was found at $28.5, with a rally from there yesterday. Today, UNI/USD quickly retraced to retest the $28.5 support. Further selling was heavily rejected, indicating an upcoming rally over the next 24 hours.
Uniswap Price Analysis: Conclusion
Uniswap price analysis is bullish for the next 24 hours as the market retested the $28.5 with heavy rejection for further downside. Therefore, we expect UNI/USD to rally further and finally break above the $31 resistance later this week.
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