Uniswap price analysis: General price overview
Today’s price analysis for Uniswap is bullish, as the market has defied additional downside at $18.3 for the second time this week. As a result, we anticipate UNI/USD to reverse and look to establish a new high early next week.
A break below $18.3 would offer an initial downside target at $16.6, while a break above $20.5 could yield further upside towards our next resistance near $23.2 (200SMA). Meanwhile, the 100SMA at $18.0 currently provides dynamic support and looks set to continue doing so.
Over the past 7 days, Uniswap has seen a strong bullish trend with consistent daily gains and losses on either side of $17.6 – $18.3, which we believe indicates a continuation of this high volatility and consolidation. Trading at its current price of around $19.0, we see Uniswap is a good buy in the short term but expect a continued bullish sentiment for some time to come.
In addition, the 200 SMA at $18.0 is currently providing dynamic support and looks set to continue doing so.
The RSI is in resistance at the 70 mark and could move back down, giving a bearish signal; however, we believe this is an extremely low probability given that: Uniswap price analysis 2019 – yesterday saw a second rejection above $18.3, and we believe it will continue to move up.
Uniswap is currently at the 30-day moving average, which has been offering dynamic resistance in recent weeks. With that in mind, we are anticipating another rally above this point which could yield further upside towards our next resistance near $23.2 (200SMA).
UNI/USD 4-hour chart: UNI set to reverse?
We can see that the Uniswap price is moving higher on the 4-hour chart before another push is expected tomorrow.
A strong bearish trend characterizes this month’s price movement for UNI/USD pair. On September 7th, after peaking at $31, we saw a quick decline followed by several days of consolidation before culminating in a rally to $27, where a lower high was established.
Bears have again taken control of the situation, pushing UNI/USD down to $18.3 support. Another resistance was broken above the help, suggesting that price movement is ready to reverse and climb higher early next week.
Uniswap Price Analysis: Conclusion
A strong bearish trend characterizes this month’s price movement for UNI. On September 7th, after peaking at $31, we saw a quick decline followed by several days of consolidation before culminating in a rally to $27, where a lower high was established. We believe the recent rejection above $20.5 may indicate a change in sentiment with further upside likely in the short term with targets around $22 and $25.