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Uniswap Price Analysis: UNI slowly retraces to $28.5, a higher low set?



Uniswap price analysis is bullish today as the market found support at the $28.5 mark after a strong retracement yesterday. Therefore, we expect some bullish reaction to be seen later today as a new higher low is potentially set.

Uniswap Price Analysis: UNI slowly retraces to $28.5, a higher low set? 1
Cryptocurrency heat map. Source: Coin360

The overall cryptocurrency market traded in the red over the last 24 hours. The market leader, Bitcoin, lost 0.52 percent, while Ethereum was down by 1.56 percent yesterday. Meanwhile, Litecoin (LTC) was the best performer from the major altcoins, with a gain of 11.5 percent

Uniswap price movement in the last 24 hours: Uniswap finds support at $28.5

UNI/USD traded in a range of $28.38 – $29.76, indicating mild volatility over the last 24 hours. Trading volume has increased by 22.79 percent and totals $842.58 billion, while the total market cap trades around $17.76 billion, ranking the coin in 11th place overall.

UNI/USD 4-hour chart: UNI set to reverse?

On the 4-hour chart, Uniswap price has set a slight reaction from the $28.5 support, potentially indicating a reversal.

Uniswap Price Analysis: UNI retraces to $28.5, a higher low set?
UNI/USD 4-hour chart. Source: TradingView

Uniswap price action has struggled to break past the $31 resistance over the past weeks. After initially reaching the resistance on the 16th of August, UNI/USD saw a strong retracement to $25.

From the $25 support, UNI/USD made a lowe thigh around $29 and reversed to retest the $25 support. What followed was another strong rally higher at the beginning of this week, with the $31 resistance retested.

Since Uniswap price action was not yet ready for further highs, the market reversed and retraced to the $28.5 support over the last few days. However, since support was found, we expect UNI/USD to reverse and move higher over the next 24 hours as bulls prepare for another attempt at breaking the $31 significant resistance.

Uniswap Price Analysis: Conclusion 

Uniswap price analysis is bullish for today as the market retraced to the $28.5 support over the last 24 hours and saw a bullish reaction from there. Therefore, we expect UNI/USD to see further upside later today as the market has potentially set another higher low. 

While waiting for Uniswap to move further, read our articles on Wrapped Bitcoin, Decentralized Exchanges, as well as NFT Marketplace.