Uniswap Price Analysis: UNI retests previous low at $21.5, further downside still rejected

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  • Uniswap price analysis is bullish for today.
  • UNI/USD retested the previous low today.
  • UNI is rejecting further downside around $22.

Uniswap price analysis is bullish today as the market has retraced to retest the previous low with a rejection for further downside. Therefore, we expect UNI/USD to rally higher over the next 24 hours and look to regain even more of the loss seen earlier this week.

Uniswap Price Analysis: UNI retests previous low at $21.5, further downside still rejected 1
Cryptocurrency heat map. Source: Coin360

The overall market traded in the red over the last 24 hours. Bitcoin is down by 3.86 percent, while Ethereum has lost 7.13 percent. Solana (SOL) is among the worst performers, with a loss of more than 10 percent.

Uniswap price movement in the last 24 hours: Uniswap retests previous low above $21

UNI/USD traded in a range of $21.55 – $24.49, indicating substantial volatility over the last 24 hours. Trading volume has decreased by 21.07 percent and totals $522.64 billion. Meanwhile, the total market capitalization trades around $13.51 billion, ranking the coin in 12th place overall.

UNI/USD 4-hour chart: UNI to rally overnight?

On the 4-hour chart, we can see the Uniswap price rejecting further downside as bulls prepare for another rally higher.

Uniswap Price Analysis: UNI retests previous low, further downside still rejected
UNI/USD 4-hour chart. Source: TradingView

Uniswap price action traded with strong volatility over the past week. After a rally to the $31 mark, UNI/USD could not reach further upside and retraced to $28.5. 

From there, a lower high was set around $30, with a strong decline over the following days. UNI/USD lost more than 30 percent from there until support was found at $21. Rejection for further downside was seen over the following days, with UNI moving to the $24.5 mark.

After some consolidation, another spike lower was seen today. The Uniswap price quickly spiked back to the $21.5 mark, setting a slightly higher low. Therefore, as long as a further downside is not seen, we expect UNI/USD to rally higher over the next 24 hours and attempt to reach further highs over the weekend.

Uniswap Price Analysis: Conclusion 

Uniswap price analysis is bullish for the next 24 hours as the market retested the previous low and currently prepares to rally higher again. As long as the previous low holds, we expect FIL/USD to move above the $24.5 current high and see further upside over the weekend.

Source: cryptopolitan.com

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