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Uniswap price prediction: Uniswap retests $37, set to reach $40 today

Cryptopolitan


TL;DR Breakdown

  • UNI retested $37 overnight.
  • Next target at $40.
  • Next support at $34.

Today’s Uniswap price prediction is bullish as the market pushed higher after retesting $37 resistance as support earlier today. Therefore, we expect UNI/USD to reach the $40 mark by the end of today.

Cryptocurrency heat map. Source: Coin360

The crypto market continues gaining momentum after retracements were seen across the board earlier today. Over the last 24 hours, Bitcoin has remained relatively flat with a slight loss of 1 percent. Meanwhile, Ethereum is up by 4 percent as it continues pushing towards the $2,500 mark. From the major altcoins, the best performance is seen for Chainlink and Polkadot as they both are up around 13 percent. 

UNI/USD opened at $36.06 after consolidating around $34-$37 area for a day and pushing higher overnight. A new high was set around $39, from which a retracement was made to retest the $37 resistance as support. Since then the Uniswap price action has continued to move higher as bulls aim to finally reach the $40 target. 

Uniswap price movement in the last 24 hours

The UNI/USD price moved in a range of $33.80 – $39.52, indicating huge volatility for the market. 24-hour trading volume has increased by 28.69 percent and totals $1.346 billion. Meanwhile, the total market cap has reached $20.5 billion, ranking the cryptocurrency in 8th place overall.

UNI/USD 4-hour chart – UNI approaches the $40 mark

On the 4-hour chart, we can see UNI retesting $37 as a support and pushing higher over the past hours. Some resistance is currently seen, however, the current bullish Uniswap price momentum will likely take the market to the $40 mark later today.

Uniswap price prediction: Uniswap retests $37, set to reach $40 today
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UNI/USD 4-hour chart. Source: TradingView

Overall, Uniswap has regained its bullish momentum over the past few days. After spending the end of March and the beginning of April consolidating in a slight uptrend around $28-$32, the market finally spiked higher on 12 of April. 

After less than 24 hours, the previous all-time high at $36.8 was broken as the market peaked at $38. From there, UNI/USD retraced to retest $34 suppport. Early yesterday the Uniswap price action briefly turned bullish again and moved towards $37, where bears took control again, resulting in another retest of $34 support. 

Late yesterday, UNI reversed again and started pushing higher. Previous resistance around $37 was broken without much hesitation, however, the previous high at $38 did slow the price action down. After a slight retracement earlier today to retest the previous $37 resistance as support, UNI moved higher. 

Over the past hours, another high at $39.6 was made, indicating that bulls are close to finally reaching the $40 mark. However, slight rejection for further upside has been made again. This likely means that UNI/USD will make another slight retracement over the upcoming hours, before the final push to the $40 mark is done later today or perhaps tomorrow.

If the $37 local support/resistance level is broken, we expect a much deeper retracement over the remaining week, with the $34 mark acting as the next major support level. From there, much depends on how the price will react.

Uniswap Price Prediction: Conclusion 

Uniswap price prediction is bullish as we have seen a continuation of bullish price action over the past hours after a brief retest of the $37 mark earlier today. Therefore, we should see UNI/USD reach the $40 mark by the end of today.

While waiting for further Uniswap price action development, see our long-term price predictions for Polkadot and Stellar lumens. To learn more about Ethereum, see our ETH gas price guide.

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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