- UNI breaks $20 resistance.
- After reaching the all-time high of around $22, further upside got rejected.
- $20 mark to act as a support.
Today’s Uniswap price prediction is bearish as UNI’s price rejects further upside around the $22 resistance. $20 area is now ready to be tested as a support.
Overall market continues to be in the green today. However, some signs of rejection are seen across the board. The largest gainer is still Binance Coin, with over 52 percent move over the last 24 hours. Dogecoin has the most significant loss with 7 percent to the downside.
Uniswap price prediction: Uniswap breaks $20, gets rejected by $22
UNI/USD opened at $19.5 after a retest of $17 at the end of last week. After a brief consolidation below the $20 mark, Uniswap exploded higher today towards $22. Uniswap price currently rejects further upside, indicating we could see another push lower later today.
Uniswap price movement in the last 24 hours
The UNI/USD price moved in a range of $19.03 – $21.89, indicating a slight increase in volatility once again. A minor increase in trading volume of 4 percent has led Uniswap`s trading volume to $1.117 billion. After spending most of yesterday below $20, Uniswap did push higher in the morning. Currently, UNI/USD is testing resistance at $22.
UNI/USD 4-hour chart – Uniswap resists further upside
Looking at the 4-hour chart, we can see a strong push to the upside earlier today. This has resulted from several day retracement after the market set a new all-time high around $22.
Overall, UNI/USD currently seems bearish, and we should see the market reverse again unless a clear break above the $22.5 all-time high is made.
As mentioned in our previous Uniswap price prediction, the market did reject the $20 mark for some time. However, earlier today, the market moved past the resistance. Currently, Uniswap trades just below the previous major reversal point around $22. Therefore, Uniswap is potentially forming a double top pattern.
If the double top pattern is formed by rejecting further upside, we could see the market potentially reverse in a much larger reversal pattern. A key level to watch for a confirmation is located at $17. If Uniswap can move below it, the analyst expects a much larger reversal that could last several weeks.
A key area to watch if Uniswap does break below the support at $17 is the $15 mark. From there on, it could rebound once again and form another lower high. This would further indicate that the market is ready to reverse.
Further to the downside, another level to watch is the $13 mark. The area offers additional support as 61.8 Fibonacci retracement from the $7 – $22.5 move can be measured from there. If this price level is broken, we can expect a much longer market reversal.
Alternatively, if the price of Uniswap moves above the $22 mark again and set a new all-time high, we can expect the market to continue the several week bullish momentum. Uniswaps next target is likely the psychologically important $25 mark.
Uniswap Price Prediction: Conclusion
Uniswap price prediction for today is bearish as long as the price can stay below $22. If the market can move above this price point, the analyst expects another jump higher towards $25.
For now, the analyst expects another move lower to at least the $20 mark. If this support is broken, we should see UNI move even lower towards $17.
Overall, a short position would not be advisable in such a strong bullish trend. The best option would be to wait for a further retracement as it would offer a better long-position entry in terms of risk/reward.
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