- UNI has broken the previous all-time high.
- Uniswap currently retests the $32 previous resistance as support.
- UNI has gained more than 60% this month.
Today’s Uniswap price prediction is bearish as we will likely see the market retrace some of the gains seen over the weekend.
Cryptocurrency heat map. Source: Coin360
The overall market sends mixed signals today. Bitcoin remains practically flat with a small loss of -0.3 percent, while Ethereum is up 3.84 percent. Among the best performers is Tezos (XTZ), which is up by 7 percent. Meanwhile, the largest loss from the majors is seen for Cardano (ADA), as it is 1.7 percent in the red.
Uniswap price prediction: Uniswap breaks $33, sets a new all-time high
Today, UNI/USD opened at $34,24 after a very bullish yesterday resulted in a new all-time high around $34.88. As of writing, Uniswap price seems as it has extended too far without a significant retracement. Therefore, we can expect Uniswap to retrace some more with the first obvious technical level around the previous all-time high of $32.
Uniswap price movement in the last 24 hours
The UNI/USD price moved in a range of $30.87 – $34.87 over the last 24 hours, indicating a good amount of volatility. Trading volume is up by 19.4 percent and totals $1.47 billion. Market cap stands around $17.17 billion and ranks Uniswap 8th among the leaders.
UNI/USD 4-hour chart – Uniswap resists further upside
On the 4-hour chart, we can see the recent breakout above the previous all-time high. Uniswap price did almost reach the $35 price mark earlier today. However, after a small retracement and retest of the high, the market reversed and pulled back towards the $32 mark.
UNI/USD 4-hour chart. Source: TradingView
Overall, the market has seen extreme volatility over the past weeks. After consolidating around $20 at the end of February, Uniswap price skyrocketed in less than a day to $33, setting a very strong higher high.
What followed was an equally strong retracement back to $20, indicating weakness for the market. At the end of February, another retest of the $20 mark resulted in a reversal and a strong push higher above the local resistance of $25. From there on, UNI’s price did struggle to move higher; however, the market pushed higher and broke above both the $25 and the $27 mark.
Uniswap consolidated on Friday as it prepared for either another push higher or a reversal. The first scenario came out to be true, and the price of UNI/USD skyrocketed for most of the weekend, resulting in a new all-time high just below the $35 mark.
Right now, we can see Uniswap consolidating for some time again. A several-day ascending trendline could be used to gauge the potential support area for UNI on the way down. Likely the previous resistance of $32 will now act as strong support. Therefore, until these levels are respected, we remain bullish for the medium-term.
Alternatively, if these support levels are broken, we could see a much deeper retracement towards the previously mentioned support/resistance area around $25-$27. Some additional support will likely be offered around the $30 mark.
Uniswap Price Prediction: Conclusion
Uniswap price prediction is bearish for the upcoming 24 hours; however, it is bullish for the upcoming week as the market is currently in a very strong bullish momentum. A new all-time high has been set for UNI, indicating that traders are likely to push the market higher as the market sentiment increases further.
As long as the previously mentioned support around $32 as well as the several-day ascending trendline is not broken, we expect further upside this week. Currently, Uniswap price needs to stabilize a bit as it prepares for further upside.
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.