- For today, the Uniswap price analysis is positive.
- The UNI/USD pair has retested the previous low today.
- UNI is rejecting further downside around $22.
The UNIS/USD pair is currently in a bull trap, having retraced to test and reject the previous low for additional losses. As a result, we anticipate that UNI/USD will rally higher over the next 24 hours and attempt to recoup even more of last week’s decline.
The market as a whole was in the red for the last 24 hours. Bitcoin has dropped by 6.29 percent, whereas Ethereum has shed 6.79 percent. Solana (SOL) is one of the worst performers, losing more than 10% of its value.
Uniswap price movement in the last 24 hours: Uniswap retests previous low above $21
The price of UNI/USD was in a range of $19 – $21 over the course of the last 24 hours, indicating little volatility over that time period. Trading volume has decreased by 21.07 percent and totals $522.64 billion, while the overall market capitalization is about $13.51 billion.
UNI/USD 4-hour chart: UNI to rally overnight?
We can see the UNI/USD price rejecting even more declines on the 4-hour Uniswap price analysis chart, suggesting that bulls are getting ready to make another advance.
UNI/USD 4-hour chart Source: TradingView
Over the previous week, the Uniswap price reflected a lot of volatility. UNI/USD could not rise further after establishing a high at $31 and subsequently faded to $28.5 down.
A lower high was established near $30, after which a substantial fall occurred over the next days. UNI/USD tumbled more than 30% from there until support was discovered at $21. Over the following days, rejection of further declines was observed, with UNI trending to around $24.5.
Another plunge was witnessed today, albeit to a lesser extent. The Uniswap price rose quickly back to the $21.5 mark, establishing a modest higher low. As long as a further downturn is not observed, we expect UNI/USD to rally further over the next 24 hours and attempt to surpass previous highs over the weekend.
Uniswap Price Analysis: Conclusion
The price analysis for Uniswap is bullish for the next 24 hours, as the market retested its previous low and now appears set to rise higher. We expect FIL/USD to move above the $24.5 recent high and proceed to climb over the weekend as long as the previous low holds.
Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.