- Uniswap price analysis is trading bearishly on the daily chart
- UNI/USD continued to retrace below $26.8.
- The nearest resistance lies at $27.
Following a several-day consolidation, the price of Uniswap is now bullish, as a higher low has been established above $27 following a few days of relative stability. We expect that UNI/USD will rise over the next 24 hours and perhaps break through the $27 price barrier.
According to the Coin360 cryptocurrency heatmap, the overall market is trading in the red zone with Bitcoin shedding 2.92 percent and Ethereum dropping by 0.34 percent. The best performer of the day is Solana after it crossed the $200 psychological support.
Uniswap price movement in the last 24 hours: Uniswap continues to retrace below $26
The UNI/USD pair is trading in a range of $26.03 to $26.8, suggesting minimal volatility over the previous 24 hours. Volume was valued at $236 million, putting the coin in 11th position out of a market capitalization of about $15.8 billion and trade volume of roughly $236 million.
UNI/USD 4-hour chart: Ready to test $27 next?
We may observe a downward trend slowly developing on the 4-hour chart as Uniswap prices drop below $27 and head towards the $25 support.
UNI/USD 4-hour chart. Source: TradingView
The UNIS/USD pair has been unable to gather further momentum following a spectacular rise at the end of September. UNI/USD reached a peak of $27 later that day after breaking the previous high of $26 on October 1.
The price then hovered around $25 for several days. Uniswap finally broke on October 11, plummeting to $22.5. A reversal followed, pushing UNI/USD toward a new high of $28.
Since then, the Uniswap price has remained above $25 before rising higher. Overall, unless the Uniswap price drops below the $25 support level this week, we expect to see more gains in the near future.
Uniswap Price Analysis: Conclusion
The price of Uniswap is in a downward at the moment, and it has reached a lower high following retracement over the previous 24 hours. As a result, we expect UNI/USD to decline further today and possibly break below $26.