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Uniswap still held hostage by $23.5 price hurdle preventing upswing to $25

Cryptopolitan


TL;DR Breakdown

  • Uniswap  price analysis started off the 24-hour chart at an opening price of $23.415 
  • Immediate support lying at $22.50
  • At the time of writing, the coin trades at $23.364 against the US dollar

Uniswap Price Analysis: General price overview

Uniswap started the 24-hour chart at an opening price of $23.415 after retracing upwards at the close of yesterday’s session. The Uniswap price analysis is bullish regarding the early uptrend that saw the coin top an intraday high at $23.800. UNI/USD pair has already gained at least 1.00 percent of its value over the last 24 hours. The majority of technicals favor a bullish uptrend in the upcoming sessions, thereby preparing traders for another wave of buying. 

There is immediate support lying at $22.50 as the bears attempt to increase resistance on the overhead near $23.50 – $24.00. Generally, it is impossible to mark a bearish pattern on the daily chart, given the demand zone forming around those price levels. However, the 1-hour Uniswap price chart is developing a negative signal following a slight retracement from $23.60 to $23.30.

Overall, the cryptocurrencies market is trading within the green zone in the last 24 hours. Including Bitcoin, Ethereum, Axis Infinity, Dogecoin and Polkadot are all bullish with over five percentage gains.

Uniswap price movement in the last 24 hours: Tight daily range indicating less activity

Uniswap price analysis has been traded within a tight range of $22.926 – $23.806 over the last 24 hours, suggesting low volatility. Trading volume surged by 20.50 percent, summing up to $567 million. The market capitalization shot by 10 percent to a whopping $13 billion. Uniswap ranks at number 10, among the top ten leading cryptocurrencies by market capitalization. 

Source: TradingView

UNI/USD 4-hour chart: Short term gains on the sides

On the 4-hour Uniswap price analysis, Uniswap is trading tightly below the $23.5 resistance. The coin is preparing to consolidate above this price hurdle and earn short-term gains. Therefore, buyers are coming in strong to support the altcoin and overcome the daily high. 

Buyers have already built minor support around $23.10, which is preventing the coin from sliding further below the overhead resistance. Nevertheless, the long-term main trendline is highly bearish and poses alot of danger if the bulls do not strongly counter any selling pressure, which might end up pulling the price lower to the July 17 low of $16.00. 

The RSI has already slanted from the oversold territory into the buying zone, which strongly suggests the chances of a bullish pattern. At the time of writing, Uniswap is trading at $23.364 against the US dollar

Uniswap Price Analysis Conclusion

Uniswap price analysis remains bullish for the next 24 hours as the buyers build more momentum on how to cross the main target at $25. We are almost into the weekend, and with the price of the coin already above $20, we can anticipate higher gains in the medium term. 

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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