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Uniswap Price Analysis: UNI/USD is bearish for the next 24 hours

Tezos Price Analysis

TL;DR Breakdown

  • Uniswap price analysis is bearish today.
  • Uniswap currently retests the $32 previous resistance as support.
  • UNI has gained more than 60% this month.

Today’s Uniswap price prediction is bearish, with a target at $27. This would represent a nearly 20% decline from the current price. The main reason for this prediction is the overwhelmingly bullish sentiment in the market. When prices are rising rapidly, it’s often difficult to find good reasons to sell. However, at some point, a retrace is inevitable.

The UNI token has been on a tear lately, breaking the previous all-time high and reaching a new peak of $32.00 on March 12th. The token has since pulled back slightly but is still trading well above the $27 support level. This makes today’s Uniswap price prediction for bears somewhat bearish, with a target of $27.00. This would represent a nearly 20% decline from the current price.

The main reason for this prediction is the overwhelmingly bullish sentiment in the market. When prices are rising rapidly, it’s often difficult to find good reasons to sell. However, at some point, a retrace is inevitable. There’s an old saying that “good news travels fast, but bad news travels faster,” and this very much applies to the crypto market.

UNI/USD 4-hour chart – Uniswap resists further upside

On the 4-hour chart, we may observe a recent breakout over the previous all-time high. Uniswap pricing almost reached $35 earlier today. However, after a minor retraction and retest of the high, the market reversed and slid back towards $32.

Uniswap price prediction: Uniswap breaks $33, sets a new all-time high 2

UNI/USD 4-hour chart. Source: TradingView

Overall, the market has witnessed significant volatility in recent weeks. Uniswap price jumped by more than $33 in less than a day after consolidating around $20 at the end of February.

The market’s price quickly shrank and bounced off of $20, demonstrating the sector’s resilience. Another retest of the $20 mark at the end of February resulted in a reversal and a strong push above the local resistance of $25. UNI’S fee was unable to go any further; nevertheless, the market shattered past both $25 and $27 by breaking through both of them.

On Friday, USDC consolidated as the bulls tried to push the price higher. The first scenario proved to be accurate in that the price of UNI/USD rose significantly throughout the weekend, resulting in a new all-time high just below $35.

It appears that Uniswap is regaining its composure once again. We may use a several-day ascending trendline to forecast the potential support region for UNI as we journey up. In the long run, the previous resistance of $32 will most likely be reliable support. As a result, we remain bullish until these levels are acknowledged in the medium term.

If we cannot close above $30, then there is a chance that the market will fall further towards the previously mentioned support/resistance line around $25-$27. Additional support will be accessible near $30, most likely in the region of $35.

Uniswap Price Analysis: Conclusion 

The price of UNI/USD is expected to fall for the next 24 hours in the United States, but for the following week, it is anticipated to rise as the market is presently in a very strong bullish trend. The UNI all-time high has been established, indicating that traders are likely to push the market higher as market sentiments improve.

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.

Sergio Goschenko

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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