Generative Data Intelligence

Chainlink Declines as It Continues to Face Rejection from Previous Highs

Date:

TL;DR Breakdown

  • UNI found support at $32.
  • Closest resistance at $35.
  • 50 and 100 MA`s provide additional resistance.

Today’s Uniswap price prediction is bullish as the market rejected further downside yesterday after several days of bearish momentum.

Uniswap price prediction: UNI prepares to move higher, next target at $38  1

Cryptocurrency heat map. Source: Coin360

The overall market is pushing higher today. Market leaders Bitcoin and Ethereum are up by 6-7 percent and will likely continue higher later today. One of the best performers is VeChain (VET), with a gain of almost 14 percent so far. 

UNI/USD opened at $33.36 today after a very inactive trading session yesterday. Uniswap did reject further downside on Friday as well, indicating that the market is preparing to rally and move towards the next resistance around $38. 

Uniswap price movement in the last 24 hours

The UNI/USD price action has seen moderate volatility with a 24-hour range of $32.18 – $34.42. Trading volume has decreased by 35 percent compared to the previous 24 hours and totals $1,544 million. Market cap stands at $31.4 billion, resulting in a market rank of 6th place.

UNI/USD 4-hour chart – ready to break above $35?

On the 4-hour chart, we can see that Uniswap currently trades just below the previous resistance at $35. Both the 50 and 100 period moving averages provide additional resistance. Therefore, if Uniswap can break above these resistances, we should see further highs next week with the first upside target being the $38 mark.

Uniswap price prediction: UNI prepares to move higher, next target at $38  2

UNI/USD 4-hour chart. Source: TradingView

Overall, Uniswap price has traded in a very strong bullish momentum for the past months. Several higher highs have been followed by higher lows in a continuous move higher since the beginning of this year.

After peaking at the $42 mark on the 20th of February, UNI did retrace by over 30 percent and established a new major support area around $30. Around the $30 mark, Uniswap price did find reversals several times, with each being slightly higher, indicating a continuation of higher lows for the overall trend.

However, UNI did fail to set a higher high for some time until the beginning of this week, when a strong push above the $35 resistance resulted in a clear higher high at $38. From there on Uniswap did retrace again and set a higher low around $32. This has resulted in the current price action structure where the $32 mark acts as the local support and the $35 mark as the local resistance.

Therefore, break above or below this area of consolidation should signal where the price of Uniswap is heading next week. Most likely it should be the upside as the market has finished the previously mentioned several-day retracements and currently looks to push higher again – this time above the $38 mark. From there on, the next major resistance is located as far as $42 as it is where the previous all-time high was set. If reached from the current price, it would mean a gain of over 20 percent.

Alternatively, if Uniswap fails to move higher and breaks below the $32 support level, we can expect a much more serious reversal to be in play over the following weeks. This is not likely to happen, however, would be a very bearish signal for the overall market.

Uniswap Price Prediction: Conclusion 

Uniswap price prediction is bullish as the market seems to be ready to finally move towards setting a new higher high above the $38 mark. As long as the $32 mark holds, we remain very bullish for the price of Uniswap.

For further reading, see our latest guide on Ripple wallets as well as our long-term Bitcoin Price Forecast

Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.

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Source: https://www.cryptopolitan.com/uniswap-price-prediction-uni-to-move-to-38/

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