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Uniswap Price Analysis: UNI retests $18.3 support, preparing for upward rally?

Uniswap Price analysis

TL;DR Breakdown

  • Uniswap price analysis is bullish for today.
  • UNI/USD saw another rejection above $18.3 support yesterday.
  • Uniswap is currently preparing for another rally.

Uniswap price analysis is bullish today as the market has rejected further downside at $18.3 for the second time this week. Therefore, we expect UNI/USD to reverse and look to set a higher high early next week.

Uniswap Price Analysis: UNI retests $18.3 support, preparing for upward rally? 1
Cryptocurrency heat map. Source: Coin360

The overall market traded mostly in the green over the last 24 hours. The market leader, Bitcoin, is up by 1.24 percent, while Ethereum has gained 0.13 percent. Cardano (ADA) is the top performer right now, with an increase of 8.66 percent.

Uniswap price movement in the last 24 hours: Uniswap spikes to $18.3

UNI/USD traded with a moderate amount of volatility over the last 24 hours. Trading volume has declined by 32.07 percent and totals $312.8 billion, while the total market capitalization trades around $11.76 billion, ranking the coin in 14th place overall.

UNI/USD 4-hour chart: UNI set to reverse? 

On the 4-hour chart, we can see the Uniswap price currently gathering momentum before another push higher is likely seen tomorrow. 

Uniswap Price Analysis: UNI retests $18.3 support, prepares for a rally higher?
UNI/USD 4-hour chart. Source: TradingView

Uniswap price action has traded with a strong bearish momentum this month. After peaking around the $31 mark, we saw a rapid decline on the 7th of September, followed by several days of consolidation and a rally to $27, where a lower high was set.

Last week, another drop lower began, resulting in a further loss of more than 30 percent. Support was found above $18.3, with a clear rejection followed by a move above $21.5 previous support turned resistance.

However, yesterday, bears took over the momentum again, sending UNI/USD back to the $18.3 support. Another rejection was seen above the support, indicating that the Uniswap price action is ready to reverse and move higher early next week.

Uniswap Price Analysis: Conclusion 

Uniswap price analysis is bullish as the $18.3 prevented further downside once again yesterday after a quick spike lower. Therefore, we expect UNI/USD to reverse and look to set a higher high early next week.

While waiting for Uniswap to move further, read our guides on Decentralized Exchanges, NFT Crypto, as well as Bitcoin Memes.

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.

Lapin

Lapin

Lapin is an experienced freelance Crypto and Financial market writer and analyst. He has been trading for several years and holds a bachelor’s degree in Finance.

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