- Uniswap price analysis indicates bullish signals
- UNI/USD consolidating strength to overcome supply zone barrier
- UNI is rejecting further downside around the daily low of $22
Today’s Uniswap price analysis is bullish after the market retraced to retest the previous low and rejected further downsides below that mark. Therefore, we are anticipating UNI/USD to rally higher in the next 24 hours and recover part of its losses incurred in the just ended week
The general cryptocurrency market traded in the red over the last 24 hours. Bitcoin is down by 3.86 percent, while Ethereum has lost 5.6 percent. LUNA emerged as the hottest gainer of the day with a price increase of 25 percent. Solana (SOL) is also among the worst performers, with a loss of more than 12 percent.
Uniswap price movement in the last 24 hours: Uniswap retests previous low around $22
UNI/USD traded in a range of $22.24 – $23.12, indicating mild volatility over the last 24 hours. Trading volume has decreased by 11.07 percent and totals $529.64 million. Meanwhile, the total market capitalization trades around $13.69 billion, ranking the altcoin position #12 overall.
UNI/USD 4-hour chart: UNI to rally overnight?
On the 4-hour Uniswap price analysis chart, we can see the Uniswap price rejecting further downside as bulls prepare to consolidate and rally towards the $23 mark.
UNI/USD 4-hour chart. Source: TradingView
Uniswap price action has been trading within a high market choppiness index over the past few weeks. After rallying to the $31 mark, UNI/USD could not cap further upsides and retraced back towards $28.5.
From there, the coin set a lower high at $30, which was followed by a strong gradual decline in the days that followed. UNI/USD has already shed more than 30 percent from this mark until buyers found support at $21. Rejection for further downside was seen over the following days, with UNI moving to the $24.5 mark.
After a substantial consolidation, another trial upswing was recorded. The Uniswap price action quickly dashed back to the $21.5 mark, setting a slightly lower high. Therefore, as long as a further downside is not seen, we expect UNI/USD to rally higher over the next 24 hours and attempt to reach further highs over the weekend.
Uniswap Price Analysis: Conclusion
Uniswap price analysis is bullish for the next 24 hours as the market retested the previous low and currently prepares to rally higher again. As long as the previous low holds, we expect UNI/USD to move above the $24.5 current high and see further upswings during the weekend.
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