- 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.
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.
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.
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