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.
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