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Uniswap price analysis: Uniswap retraces 50 percent from the last swing high, prepares for a several-week rally?

Cryptopolitan


TL;DR Breakdown

  • UNI retested the $20.50 mark again.
  • Closest resistance at $25.
  • Swing high to break at $29.5.

Uniswap price analysis is bullish for today as the market could not move any higher over the last 24 hours and support at $20.50 was retested for the third time in the week. Therefore, we expect UNI to move higher and break above the $25 mark next week and move to set a higher high above the $29.50.

Cryptocurrency heat map. Source: Coin360

The overall market trades with mixed results over the last 24 hours. Bitcoin has increased by 3.3 percent while Ethereum has decreased by almost a percent. Rest of the altcoin market follows this pattern of mixed results.

Uniswap price movement in the last 24 hours

UNI/USD traded in a range of $20.52 – $21.91, indicating a moderate amount of volatility. Trading volume has decreased by 43.93 percent and totals $243.9 billion. Meanwhile, the total market cap stands at $12.3 billion, ranking the cryptocurrency in 10th place.

UNI/USD 4-hour chart – UNI retests $20.5 support

On the 4-hour chart, we can see the Uniswap price retesting support at $20.5 and failing to move lower, indicating that we will see a push higher early next week.

Uniswap price analysis: Uniswap retraces 50 percent from the last swing high, prepares for a several-week rally?
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UNI/USD 4-hour chart. Source: TradingView

The overall market sentiment has been bearish over the past days as the market slowly retracted from the previous swing high at the $29.5 mark. After a spike lower at the end of May, UNI retested the $29.5 resistance again and pivoted to the downside.

Earlier this week, the Uniswap price saw a quick spike to $20.5 mark, where the 50-61.8 Fibonacci retracement is located. Therefore, UNI/USD currently trades in a very good area to take a long position from. 

If further downside is not seen overnight, we can expect UNI/USD to start moving higher next week with the first resistance at the $25 mark. From there, the market price action structure would start to turn bullish again. Further, once UNI breaks the $29.5 mark, we expect a lot more upside over the next few weeks.

Uniswap Price Analysis: Conclusion 

Uniswap price analysis is bullish as the market retested the $20.5 support for the third time and currently prepares to push higher again. This should lead VET/USD towards setting anew higher high above the $29.5 mark next week.

While waiting for further Uniswap price action development, how to cash out Bitcoin, buy Bitcoin stock and trade Bitcoin.

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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