- Uniswap price analysis is bullish for today.
- UNI spiked to $18.3 overnight.
- Uniswap is likely to return above $21 today.
Uniswap price analysis is bullish today as a rapid spike lower was seen overnight, resulting in a lower low set at $18.3. However, considering that further downside was quickly rejected, we expect UNI/USD to reverse today and return above the $21 support.
The overall market traded in the red over the last 24 hours, with the market leader, Bitcoin, down by 2.85 percent. Meanwhile, Ethereum has lost 4.4 percent, with worse performance for other top altcoins such as Solana and Filecoin.
Uniswap price movement in the last 24 hours: Uniswap spikes to $18.3
UNI/USD traded in a range of $18.47 – $21.54, indicating significant volatility over the last 24 hours. Trading volume has decreased by 10.31 percent and totals $539.4 million, while the total market cap trades around $12.37 billion, ranking the coin in 13th place overall.
UNI/USD 4-hour chart: UNI looking to return above $21 today?
On the 4-hour chart, we can see the Uniswap price gaining momentum over the past hours as bulls want to push back above the $21 support.
Uniswap price action has seen a strong bearish momentum return this week. After an initial drop from the $31 high at the beginning of September, UNI/USD consolidated above $21 support.
From there, a strong move higher took the market to the $27 mark, where a significant swing lower high was set. However, UNI did not stay at this price level for long as bearish momentum took over again.
The Uniswap price saw another drop of 30 percent, resulting in the current low set at $18.3. Considering the overall price action development, we expect UNI/USD to reverse later today and look to regain more of the loss over the remainder of this week.
Uniswap Price Analysis: Conclusion
Uniswap price analysis is bullish for today as a new swing low has likely been set at $18.30 after another spike lower overnight. Therefore, we expect UNI/USD to reverse higher later today and move back above the $21 support.
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