Uniswap price analysis: Uniswap retests $25 resistance, prepares to push lower again?

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  • UNI moves higher overnight.
  • Resistance at $25 still holds.
  • Closest support around $20.5.

Uniswap price analysis is bearish for today as the market could not break the $25 resistance over the past hours and bulls seem exhausted. Therefore, we expect another retracement to the $20.5 support level.

Uniswap price analysis: Uniswap retests $25 resistance, prepares to push lower again?  1
Cryptocurrency heat map. Source: Coin360

The overall market trades in the green today. The Bitcoin market has increased by 1.4 percent, while Ethereum by 3.4 percent. Among the best performers is Polkadot (DOT), with a gain of 14 percent.

Uniswap price movement in the last 24 hours

UNI/USD traded in a range of $22.61 – $24.69, indicating a moderate amount of volatility. Trading volume has decreased by 4.89 percent resulting in a total turnover of $404 billion. Meanwhile, the total market cap trades around $13.8 billion, resulting in a market rank of 10th place.

UNI/USD 4-hour chart – UNI prepares to reverse?

On the 4-hour chart, we can see UNI/USD failing to move higher over the past hours, meaning that another push lower will be seen over the next few days.

Uniswap price analysis: Uniswap retests $25 resistance, prepares to push lower again?
UNI/USD 4-hour chart. Source: TradingView

The Uniswap price action continues to trade in a bearish momentum after a high around $29.5 was established at the end of May. From there, UNI/USD retraced 33 percent until support around $20.5 was reached. 

Additionally, around the $20.5 support, we can see the 50-61.8 Fibonacci retracement level providing additional support. This means that once it is retested, the Uniswap price will be at a very good price level in terms of potential risk/reward.

If we consider the next major price target to be the $38-$41 area, VET would gain around 85-95 percent from the $20.5 support. However, if the $20.5 mark fails to hold, VET/USD should drop further towards the next major support around $14.

Uniswap Price Analysis: Conclusion 

Uniswap price analysis is bearish as the $25 resistance still holds the market from further upside. This should lead UNI/USD to retest the $20.5 support over the next 24 hours. If further low is not set, we can expect UNI to finally break the $25 mark.

While waiting for further Uniswap price action development, read our guide on Cardano staking, how to cash out Bitcoin, and should you buy Bitcoin.

Source: cryptopolitan.com

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