- 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.
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.
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.