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Bears want to pull UNI/USD price to 20-day EMA at $26

Cryptopolitan


TL;DR Breakdown

  • Today’s Uniswap price analysis is bearish 
  • UNI/USD traded within a daily range of $27.5 – $28.5.
  •  UNI/USD is completing the handle of a cup with a handle pattern, with the cup’s bottom at $26.30

Today’s Uniswap price analysis is bearish after the coin underwent a 2.34 percent retracement to the $28.126 support level. Uniswap price action got rejected at $29.724 as the bulls attempted to breach the $30 barrier. We are expecting the altcoin to reverse towards the 20-day exponential moving average at $26.50. A zone where the bulls will be able to consolidate sufficient strength and price stability to breach through take-profit sellers near $30. 

Uniswap price movement in the last 24 -hours: Low volatility? 

According to our Uniswap price analysis, UNI/USD traded within a daily range of $27.5 – $28.5. Such a tight range suggesting low volatility across the daily chart. Uniswap’s trading volume faced a 9.40 percent plummet to a total of $400 million. The total market capitalization stands at $17.7 billion after a 1.35 percent drop in the last 24 hours. 

4-hour Uniswap Price Analysis: Bulls aim for $30

On the 4-hour Uniswap price analysis, UNI/USD is completing the handle of a cup with handle pattern, with the cup’s bottom at $26.30 and the handle already aimed towards the $27 region. The bulls seem persistent to set a new high on the 24-hour chart, but their consolidation phase faces massive seller resistance around $28 and $29. 

UNI/USD did not have a good start into the week following a 12 percent retracement from $30 to the $26 mark. 

Source: Tradingview

The bears are still acting against the upper support levels and persistently want the price to the 20-day exponential moving average ($26.50). Nonetheless, Uniswap price action hit a higher low at the 20-day EMA, and the altcoin’s market has been consolidating above it for the past 24-hours. 

Meanwhile, the bears have been fighting away any movements above $30. Uniswap might need more support from the broader market to sustain its price above $30 if only the bulls want to reach $40 soon. 

Uniswap price analysis conclusion

Uniswap price analysis is bearish as a strong downswing was seen yesterday, and the market price currently trades just near the $27.80 previous high. Therefore, we expect UNI/USD to retrace lower later today and target the $26 mark next.

While waiting for UNI/USD to move further, read our articles on Decentralized Exchanges,   Bitcoin Futures, and NFT Marketplace.

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.



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