Uniswap recently dropped from the $25 mark to the $20 level, making it one of the most active Altcoins on the market at the moment. The price action from the past few days has been a bit unusual as well, with an immediate spike to $25 and then a retrace to $22.
Uniswap is one of the few currencies that succeeded in increasing in value despite the bear market. As of late, the pump has accelerated, with the price rapidly reaching and then retesting a critical level. As the lower end of the upper bound is approached, Uniswap is ready to correct.
Since the launch of Uniswap on March 31st, 2017, the price of the Uniswap token (UNIS) has been in a strong upward trend that is likely to continue as the team continues to make all of the needed improvements. One of the main pillars of this upward momentum is the price action. The UIS price has indeed been strengthening throughout the month of April. An upward price trend is expected to continue as the team improves the platform and add more value to the native token. Next, we will briefly look at the technical analysis and see how the price of Uniswap has reacted to the latest price action.
Summary of the situation
- UNI increased over the course of the night.
- Resistance at the $25 level remains.
- The next support is at $20.5.
Uniswap’s price analysis for today is bearish, as the market failed to break through $25 resistance in recent hours and the bulls appear to have been exhausted. Therefore, we expect another pullback to the $20.5 support level. Crypto-currency heat map. Source: Coin360 The general market is trading in the green today. The bitcoin market rose 1.4 percent and Ethereum rose 3.4 percent. Polka Dot (DOT) was one of the best performers, up 14%.
Uniswap price fluctuations in the last 24 hours
The UNI/USD pair traded in a range of $22.61 to $24.69, indicating moderate volatility. Trading volume fell 4.89 percent, bringing total revenues to $404 billion. Meanwhile, the company has a total market value of about $13.8 billion, making it the tenth largest company in the market.
4-hour chart UNI/USD – Is UNI preparing for a reversal?
On the 4-hour chart we can see that the UNI/USD pair has not moved up in recent hours, meaning that a further downward push is imminent in the coming days. Chart 4 hours UNI/USD. Source: TradingView Uniswap stock continues to trade in downward momentum after hitting a high of $29.5 in late May. From that point UNI/USD fell by 33% until it reached support around $20.5. In addition, near the $20.5 support we see the 50-61.8 Fibonacci retracement level providing additional support. This means that after another test, the Uniswap price is at a very good price level in terms of potential risk/reward ratio. Assuming the next major price target is in the $38-41 range, VET will reach about 85-95% of the $20.5 support level. However, if the $20.5 level does not hold, the ETV/USD is likely to fall further towards the next major support around $14.
Uniswap Price Analysis: Supplement
The Uniswap price analysis is bearish as resistance at $25 is still preventing the market from moving higher. This should lead UNI/USD to retest the $20.5 support level in the next 24 hours. Unless another low is formed, we can expect UNI to finally break through the $25 level. While we wait for further price movements of Uniswap, read our guide on betting on Cardano, how to redeem bitcoins and whether you should buy bitcoins. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.Uniswap is, by far, the most popular cryptocurrency exchange-swap service to date and is set to be the first truly decentralized exchange-swap system. Starting today, Uniswap will retest the $25 mark to see if they can break through.. Read more about uniswap price prediction april 2021 and let us know what you think.
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