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Uniswap Price Analysis: UNI/USD could test a lower high near $23

TL;DR Breakdown

  • Today’s Uniswap price analysis is bearish.
  • Over the last 24 hours, UNI/USD has retraced to $24.
  • Next support at $23.

The price of Uniswap is now being propped up by a retest of the previous resistance level, which was $25 last night. As a result, we anticipate that bearish momentum will prevail later today as a new lower high is established around $25.The coin is almost touching the $23 trendline.

Cryptocurrency heat map. Source: Coin360

The cryptocurrency market was mostly mixed signals over the last 24 hours. Bitcoin increased by 1.22%, while Ethereum dropped 1.8%. Axie Infinity (AXS) is still the leader, increasing 20% since yesterday.

Uniswap price movement in the last 24 hours: Uniswap rests previous resistance at $25 as a support

On June 4, the UNI/USD pair ranged between $23.81 and $25.81 during the session, which indicates little volatility over the past 24 hours. Trading volume has dropped by 22%, with $398 million in transactions recorded over the last 24 hours, while the market cap is valued at around $15 billion, placing it 12

UNI/USD 4-hour chart: UNI to continue higher?

On the four-hour Uniswap price analysis chart, we see that the $24.000 level has halted further decline, suggesting that bulls may push prices higher from there.

UNI/USD 4-hour chart. Source: TradingView

Over the preceding weeks, the Uniswap market’s price action has been bearish, with large swings pushing it down to $18. Last Monday, however, some bullish momentum was observed when a strong increase brought the price back up to $26.

On the 4-hour chart, a retreat to the $22.5 mark was next, where a few-day consolidation took place during the middle of last week. Bulls gained momentum on Friday to push higher yet again, pushing UNI/USD to $27 next resistance this time.

Since then, the Uniswap price has retraced and approached the $25 support. If another drop is not observed, we anticipate a new low is established, and UNI/USD will advance higher later this week as a result.

Uniswap Price Analysis: Conclusion

UNI/USD is in a strong uptrend, and UNIswap price analysis is upbeat today as a new higher low has presumably been established at the $25 level after a little retracement over the last 24 hours. As a result, we anticipate UNI/USD to rise even further later today when another higher low is likely set in.

Check out some of our articles on cryptocurrency regulations, bitcoin mining, and creating a cryptocurrency wallet as you wait for UNI to post a positive price change.

Disclaimer. The information provided is not trading advice. 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.

This post was last modified on October 6, 2021 9:59 am

Richard Adrian

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience - Cryptopolitan.

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