TL;DR Breakdown
- Uniswap price analysis is bullish for today.
- UNI/USD retests the $25 support overnight.
- UNI is set to advance later today.
Uniswap price analysis is bullish today as the market has formed a double bottom above the $25 support level. Therefore, we expect UNI/USD to reverse later today and start moving back to the $0.30 previous highs later this week.
The cryptocurrency market traded with mixed results over the last 24 hours. Bitcoin trades with a 0.2 percent loss, while Ethereum with a 1.15 percent loss. Cardano (ADA) is among the best performers, with a gain of 5 percent.
Uniswap price movement in the last 24 hours: Uniswap continues to consolidate above the $25 support
UNI/USD traded in a range of $25.33 – $27.33, indicating a moderate amount of volatility over the last 24 hours. Trading volume has decreased by 38.59 percent and totals $516 billion, while the total market capitalization trades at $15.66 billion, ranking the cryptocurrency in 11th place overall.
UNI/USD 4-hour chart: UNI set for a rally?
On the 4-hour chart, we can see the Uniswap price action still respecting the $25 support, which should lead to a reversal later this week.
Uniswap price action has traded with a strong bullish momentum over the last month. After retesting the $14 previous low on the 20th of July, UNI/USD started to rapidly advance and has gained almost 120 percent to the $31 resistance since then.
However, bulls have become exhausted over the past week as only slightly higher highs could be set each time. This price action development resulted in a several-day consolidation and a sharp decline on Tuesday.
The $25 mark offered support yesterday and was retested overnight with rejection for further downside. Therefore, we can assume that UNI/USD has set another swing low, and further upside can be expected over the following days back to the $30-$31 resistance area.
Uniswap Price Analysis: Conclusion
Uniswap price analysis is bullish for the upcoming days as the market continued to form a base above the $25 mark over the last 24 hours. Therefore, UNI/USD will likely reverse and start another rally back to the $30 mark later this week.
While waiting for Uniswap to move further, read our articles on Bitcoin Futures, Decentralized Exchanges, as well as NFT Marketplace.
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.
