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UNI/USD pair targets to break above $30


TL;DR Breakdown

  • Uniswap price analysis is bullish today.
  • UNI/USD retraced to $25 overnight.
  • Uniswap is trading at $25.4.

Today’s market’s activity suggests it is amid a retracement, as a drop over the past 24 hours took the market back towards the previous resistance level of $25, which will be tested as support. As a result, we anticipate that bullish momentum will return later today as a new higher low is expected to be established.

The price of UNI/USD moved between $24.91 and $26.61 over the day, with minimal volatility evident in the last 24 hours. Trading volume has decreased by 22.71 percent to $398 million, while the overall market cap is about $15 billion, placing it in 12th place globally.

The price is expected to continue falling towards the next support level of $23.

An ascending triangle pattern has been identified on the hourly chart, with three peaks at $25, $27, and $29 forming the trend-defining structure. Today’s market’s activity suggests it is amid a retracement, as a drop over the past 24 hours took the market back towards the previous resistance level of $25, which will be tested as support. As a result, we anticipate that bullish momentum will return later today as a new higher low is expected to be established.

UNI/USD 4-hour chart: UNI to continue higher?

On the 4-hour chart, we can see the $25 mark preventing further downside, indicating we could see bulls continue higher from there.

Uniswap price analysis: UNI/USD pair targets to break above $30 1UNI/USD 4-hour chart. Source: TradingView

Over the previous weeks, Uniswap price action has exhibited bearish momentum, with large swings taking the market to a low of $18. However, last Monday saw some positive momentum develop, as a powerful increase pushed prices to the $26 level.

The technical indicators on the hourly chart show that UNI/USD is currently amid a downward correction in the face of resistance. The RSI is trading around 41, with a minor bearish trend in effect. Meanwhile, the MACD continues to trace out a bullish crossover signal on its histogram.

As long as UNI/USD is trading above $24, it is expected to continue moving upwards towards the next resistance level of $29.

Uniswap Price Analysis: Conclusion 

Over the last 24 hours, there has been resistance at $25, preventing further downside, with no significant changes in the market since. UNI/USD will likely rebound later today as a new higher low is expected to be established.

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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