Uniswap Price Analysis: UNI/USD bears sustain a downtrend and are still focused on crashing $25 support
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 suggests bearishness on the 24-hour chart after the market retraced from the $28 region to today’s low of $26.17. Therefore, traders are advised to anticipate bearish momentum in the next 24 hours as the coin could hit the $25 price any time or retest the $23.5 support
The general digital currency market trades with mixed results. BTC lost at least 1.24 percent while ETH gained 3.40 percent on the daily chart. Solana turned out to be the best performing altcoin on the 24-hour chart after rising by 15 percent to the $117 price mark.
Uniswap price movement in the last 24 hours: Uniswap continued to decline
According to our 24-hour candlesticks on the Uniswap price analysis, UNI/USD traded within a tight daily range of low volatility between $26.17 – $27.17.Total daily trading volume for the exchange swapping token went up by 92 percent to a sum of $475 million. On the other hand, the Uniswap market capitalization rose by 1.98 percent to a sum of $16.2 billion.
UNI/USD 4-hour chart: UNI moves to retest the $25 support?
On the 4-hour candlesticks Uniswap price analysis chart, we can see the UNI/USD pair declining over the last 24 hours as bears target the $25.90 price next.
UNI/USD price action witnessed increased bullish momentum in the last month. However, after the token managed to successfully hit a fresh higher high at $31, the bulls became exhausted and started a sharp decline on August 17th.
The token found support near the $25, at which point the coin attempted to consolidate for further highs on the weekly chart. Meanwhile, the coin failed to reach a new higher high and retraced below $30.
Generally, we are expecting Uniswap to keep moving lower in the upcoming sessions where the coin might test support at $25 once again. From where the bulls can easily go back to the drawing and restructure a strong ascension to the $29 resistance.
Uniswap Price Analysis: Conclusion
Today’s Uniswap price analysis remains bearish as the market is still tracing a decline to the $25 zone. 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 NFTs, Decentralized Exchanges, and Wrapped BTC.
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.
