- Uniswap price analysis is bullish.
- UNI/USD broke past $27 today.
- Next resistance at $28.5.
Uniswap price analysis is bullish today as the previous swing high was broken earlier today, with bullish momentum continuing to push higher. Therefore, we expect UNI/USD to see further upside over the next 24 hours.
Earlier today, Uniswap prices broke above the previous high of $27. This came after the price failed to follow through with yesterday’s high of $25.7. However, this is just a minor correction in an ongoing uptrend when looking at the bigger picture. Therefore, we expect UNI/USD to continue higher today.
Next, resistance can be found at $28.5. This will require significant buying momentum to overcome as it kept price rejected twice before. However, if the bulls manage to push prices above this level, it will confirm further upside towards the $32 and $34 resistance zone, which was the major high for this year.
Uniswap price movement in the last 24 hours: Uniswap breaks $27 after a slight retracement overnight
The USDUNI/USD pair traded in a range of $25.52 to $27.89 over the last 24 hours, suggesting significant price fluctuation. Trading volume has dropped by 8.73 percent, leaving $533 million in transactions, while the market capitalization is around $16.9 billion and places the coin in 11th place.
Looking at the hourly chart, we can see that prices are trading in an ascending channel, which will likely provide support when the market next retraces. However, there is notable resistance at $27.5, which kept prices in the lower region of the channel for over a week.
Currently, price momentum is still bullish, indicating that buyers are still in control. Therefore, we expect the market to be bullish over the next 24 hours.
UNI/USD 4-hour chart: Moving Averages and Trend Lines?
On the 4-hour chart, we can observe Uniswap’s price continuing to rise, suggesting it will reach $28.5 later today.
After breaking past the downward trend line earlier today, price faces another significant downward trend line (red dashed). However, we expect it to be broken during the day. Therefore, we are looking to buy on any retracement of the break above this trend line.
A break above the downward trend line will likely see buyers challenge the area around $32 – a significant resistance level. We expect buying momentum to strengthen further if prices manage to trade above this level.
The RSI has not yet reached overbought conditions, which is a sign that buyers still have more momentum to drive prices higher.
Yesterday, a retracement to $25.5 occurred, followed by a consolidation during the night, implying that a new high has been set. The price of Uniswap rose again today and surpassed the $27 previous resistance level. Overall, we anticipate UNI/USD to rise further over the next 24 hours and break through $28.5.
Uniswap Price Analysis: Conclusion
We will be looking for bullish confirmation on the break of the current downward trend line. We would expect buying momentum to continue pushing prices higher towards the $32 and $34 resistance zone if this occurs.
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