Uniswap Price Analysis: UNI approaches the $25 support, will it hold?
2 min readTL;DR Breakdown
- Uniswap price analysis is bearish for today.
- UNI/USD continued to decline overnight.
- Closest support at $25.
Uniswap price analysis is bearish for today, as the market pivoted after reaching the $27.5 mark over the weekend and returned below the $27 mark. Therefore, we expect bearish momentum to continue later today and lead UNI/USD towards a retest of the $25 mark next.
The cryptocurrency market traded with mixed results over the last 24 hours, with the market leader, BTC, down 1.15 percent. Meanwhile, ETH has gained 1.51 percent, and Solana (SOL) is the best performer, with a gain of 16.27 percent.
Uniswap price movement in the last 24 hours: Uniswap continued to decline
UNI/USD traded in a range of $25.64 – $27.10, indicating mild volatility over the last 24 hours. Trading volume has decreased by 11.72 percent and totals $251.37 billion, while the total market capitalization trades around $16 billion, ranking the coin in 11th place overall.
UNI/USD 4-hour chart: UNI moves to retest the $25 support?
On the 4-hour chart, we can see the Uniswap price declining over the last 24 hours as bears target the $25 support next.
Uniswap price action saw a strong increase over the past month. However, after setting a new higher high at the $31 mark, bulls were finally exhausted, and a sharp decline followed on the 17th of August.
Support was found above the $25 mark, from which the market price attempted to set further highs. The Uniswap price failed to set further highs and reversed lower again below $30.
This price action development was followed by another retest of the $25 mark, with a slight recovery seen over the weekend. Yesterday, UNI/USD started moving lower again after failing to move above $27.5.
Overall, Uniswap should continue moving lower over the next 24 hours and retest the $25 support again unless bulls can regain momentum and see a push above $27.5.
Uniswap Price Analysis: Conclusion
Uniswap price analysis is bearish today as the market continued to decline over the last 24 hours after setting a higher low over the weekend. Therefore, we expect UNI/USD to drop further and retest the $25 support again over the next 24 hours.
While waiting for Uniswap to move further, read our articles on Wrapped BTC, Decentralized Exchanges, as well as NFT Marketplace.
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.
