TL;DR Breakdown
- UNI resisted before hitting the $27 resistance.
- Minor support around $25.
- Major support around $20.
Today’s Uniswap price prediction is bearish as the market trades just under the $27 mark, which previously proved to be strong resistance.
The overall cryptocurrency markets are in the green today. Leaders – Bitcoin and Ethereum increased by more than 6 percent after bearish price action yesterday. Chainlink seems to be the leader of the major altcoins, with an upside of 8.5 percent. The worst performance is seen for Cardano (ADA), with only 2.6 percent in the green.
Uniswap price prediction: Uniswap to reject further upside at $27
UNI/USD opened at $26.41 today after a retest of the $27 mark was met with a strong rejection. Uniswap price has attempted to move higher again today as another push higher was seen earlier. So far, the $27 resistance has held the bulls in check. Therefore, we are likely to see UNI moving lower again later this week.
Uniswap price movement in the last 24 hours
The UNI/USD price moved in a range of $24.64 – $27.57, indicating decent volatility. Trading volume has decreased by 31 percent and totals at $810 million, while the total market cap of Uniswap stands at $8.25 billion.
After Uniswap price was rejected around $27 resistance yesterday, the market moved lower in a very sharp move towards the $25 mark. There, bulls regained control and reversed UNI/USD again, leading to another test of the $27 support today.
UNI/USD 4-hour chart – Uniswap resists further upside
On the 4-hour chart, a bearish pin-bar formed earlier today. The pin-bar signal resulted in a clear sell signal as it was located just at the $27 resistance. Bears took notice of this and pushed the price of Uniswap lower immediately, leading to the current market price of $26.
Our previous Uniswap price prediction mentioned how the overall trend has slowed down for the past month after UNI reached the $20 mark. This holds true this week, as well as the market continues testing the $20 mark.
Uniswap price did retest the support at the end of February for the last time after several rejections earlier. The retest resulted in a reversal again and led Uniswap price towards the $27 resistance.
Overall, the market continues to trade in indecision. After setting a new all-time high around $33, Uniswap did retrace a reasonable amount towards the previously mentioned $20 mark, indicating that the price is at a reasonable level to invite bulls back to the market.
Additionally, after a series of lower highs for the past week, Uniswap set a clear higher local high during the current upswing. This upswing can be interpreted as a signal that the market is reversing and ready to move higher again.
Therefore, if Uniswap rejects further upside again and moves lower, we can wait for a higher low to be set. In an ideal scenario, this would be significantly higher than the $20 support. The area where to look right now is the $24 mark as it is where both the 100 and 50 period moving averages are located. Together, they should offer good amount of support for the price action.
Alternatively, we will see Uniswap continuing to test the $20 support until it is broken, which would indicate a much serious trend reversal incoming for the upcoming weeks.
Uniswap Price Prediction: Conclusion
Uniswap price prediction is bearish as the market resists further upside around the $27 resistance. A bearish pin-bar has recently pushed the price lower, and it currently trades around $26.3.
Therefore, the best option right now is to wait for further price action development. Ideally, Uniswap sets a higher low and continues the overall bullish momentum from there.
While waiting for further price action development, read our long-term Chainlink and Vechain price prediction.
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.
Checkout PrimeXBT
Trade with the Official CFD Partners of AC Milan
Source: https://www.cryptopolitan.com/uniswap-price-prediction-uniswap-reject-27/
