Uniswap Price Analysis: UNI/USD to break above $20 next

Chainlink price analysis

TL;DR Breakdown

  • Uniswap price analysis is bearish today.
  • UNI/USD failed to push higher.
  • Uniswap is currently trading at $18.42.

Following a significant decline from $26.50, Uniswap is presently trading at $18.42, down 2.8 percent as of this writing. Our assessment is bearish because we anticipate the current consolidation to conclude with a break lower. Since UNI/USD has been unable to regain momentum, we expect the $16.75 support to be finally broken. It is possible for a bounce at this point, but we expect it to be short-lived. UNI/USD could challenge resistance pegged at $18.75 before continuing lower in the interim.

The moving average convergence divergence indicators on the daily and 4-hour charts are negatively aligned and bearish. Furthermore, both of them have turned south, which indicates that selling pressure is about to increase. Similarly, the relative strength index on the daily as well as the four-hour chart is below 50. This shows that sellers still have a grip over price action, resulting in further declines before any gains materialize.

The stochastic oscillator on all relevant timeframes has crossed southward after turning north, briefly proving itself to be indecisive currently. This counts towards our expectations of lower lows being formed.

After the significant high of $26.50, UNI/USD dropped to $15.40. After that point, a bounce was expected, but again, sellers rejected higher prices for now as price action is still trading below all moving averages on both timeframes. The bulls will have to break above the 21 period MA on the daily chart, which is currently pegged at $19, before being able to rally further northwards. Otherwise, due to clear bearish signs on all timeframes, expect UNI/USD to drop towards lows of $16 or even lower during this week’s trade sessions.

UNI/USD 4-hour chart: UNI prepares to break lower?

On the 4-hour chart, we can see that the Uniswap price has failed to reach further gains, suggesting that it may soon break below $16.75 current support.

Uniswap price analysis
UNI/USD 4-hour chart. Source: TradingView

The price of Uniswap advanced strongly last week. On December 27th, a new major swing high was set at $20, following two strong upswings.

UNI/USD pair pumped after having a healthy retracement just below $18. On Tuesday, bulls were set to push the market even higher, but there was a strong reversal and a breakdown of the previous low.

The $16.75 low halted the fall, for now, bringing the Uniswap price to set another lower high at $18.5. Since Friday, UNI/USD has been consolidating above the $16.75 support, with bears eager to test more downside.

Uniswap Price Analysis: Conclusion 

After failing to gain more ground today, we expect the market to break down later today. The $16.75 support is expected to be broken later today, opening up the path for a lot more losses next week.

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.

Related News

Hot Stories

Ethereum price analysis: Bullish momentum fades as bears attempt to re-establish control
Zcash (ZEC) and Quant (QNT) Have Some Positive Momentum, But The Real Winner Is Snowfall Protocol (SNW)!
Litecoin price analysis: Bearish stream has caused LTC down to $76.93 end
Bitcoin, Binance Coin, XRP, and Cardano Daily Price Analyses – 2 December Morning Prediction
Polkadot price analysis: Bullish momentum gathers as DOT prices target $6.0

Follow Us

Industry News

'I think he's telling the truth,’ Kevin O'Leary on SBF
Blockchain games are doing great despite the failure of FTX
Reserve Bank of India’s crypto alternative is here: How can one use the e-Rupi?
Russian bank infuses metamask into its blockchain
OpenSea ends 2022 with major partnerships and $1B in NFT royalties

Add Your Heading Text Here