Cryptheory – Just Crypto

Cryptocurrencies are our life! Get an Overview of Market News

Uniswap Price Analysis: UNI/USD bulls eye $30 – $33 range in fresh rally

2 min read

TL;DR Breakdown

  •  UNI/USD is bullish after rallying towards higher lows in the $27.5 range.
  • As of this writing, the coin is trading at $29.89.

Uniswap Price Analysis: General price overview

On today’s Uniswap price analysis,  UNI/USD is bullish after it started to rally towards higher lows in the $27.5 range a fortnight. Therefore, we expect the currency pair to push past its previous high and breakthrough resistance between $29 and $30. 

Overall, the virtual assets market is trading bearishly. BTC has traded at a consistent loss for the past day, shedding at least 2.45 percent. ETH, on the other hand, lost 4.50 percent, while Cardano turned out to be the hottest gainer among the leading cryptocurrencies.  Meanwhile, the majority of cryptocurrencies have remained stagnant in price, with only one other currency fluctuating at a comparable rate.

Uniswap price movement in the last 24 hours: Dropping trading volumes

Over the last 24 hours, UNI/USD traded in a range of $27.80 – $30.; thee tight range indicates mild volatility across the daily chart. There has been a plummet in trading volume by 9.83 percent and trading activity amounting to $596 million. While the total market capitalization stands at around $17.66 billion and occupies number 10 among the top 10 digital currencies by market cap.

Uniswap 4-hour price analysis

A $28.80 low is captured on the four-hour chart, where it seems like the price action is facing increasing seller concentration. The bulls at this point have to wage overall market support and scatter the resistance that’s been holding them hostage for 2-days. 

Over the last few weeks, the price of Uniswap has been on an upward trend. Despite acknowledging a brief retest at a low point in July (~$14), UNI/USD quickly moved past the high swing point recently ($23.5) and towards the $30 level. 

From $23.5, the Uniswap price rally continued until it reached $29 on the 7th of August. Yesterday it was unable to set a higher high and started to retrace; it found support around 26.00 after further downsides were rejected. As of this writing, the coin is trading at $29.89.

This development in price action led to a new high, sending UNI/USD towards another rally earlier today. Over the next 24 hours, Uniswap is expected to rise, with the $30 mark as its next major resistance point.

Uniswap price analysis
Source: TradingView

Uniswap price analysis conclusion

Granted the bullish nature of today’s Uniswap price analysis. There is the possibility of the price correcting to form a new higher low over the next 24 hours, which would push prices towards a major uptrend during the weekend. The price for UNI/USD has increased, and there is a favorable outlook for the next 24 hours. In addition to this increasing trend, the previous swing low was reached twenty-four hours ago.

Source link

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

Leave a Reply