UNI/USD suppressed towards $26 by strengthening demand barrier

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TL;DR Breakdown

  • Uniswap price analysis is bearish after correcting from $28 to $25 overnight.
  • As of this writing, the coin is trading at $26.89.

Uniswap Price Analysis: General price overview

Uniswap price analysis is bearish today after the coin corrected from $28 to the $26 range. The coin could likely correct even lower in the next 24 hours. 

Overall, the virtual assets market is trading bearishly. Bitcoin has traded at a consistent loss for the past day, shedding at least 3.47 percent. Ethereum, on the other hand, lost 5.20 percent. Meanwhile, the majority of cryptocurrencies have remained within the red zone. 

Uniswap price movement in the last 24 hours

Over the last 24 hours, UNI/USD traded in a range of $25.40 – $26.10; the tight range indicates mild volatility across the daily chart. There has been a plummet in trading volume by 9.83 percent and trading activity amounting to $596 million. While the total market capitalization stands at around $17.66 billion and occupies number 10 among the top 10 digital currencies by market cap.

Uniswap 4-hour price analysis

The $25.80 low is captured on the four-hour chart, where it seems like the price movement is facing heightened seller concentration. The bulls at this point have to wage overall market support and scatter the resistance that’s been holding them hostage for 2-days. 

Over the last few weeks, the price of Uniswap has been on an upward trend. Despite acknowledging a brief retest at a low point in July (~$14), UNI/USD quickly moved past the high swing point recently ($23.5) and towards the $30 level. 

From $23.5, the Uniswap price rally continued until it reached $29 on the 7th of August. Yesterday it was unable to set a higher high and started to retrace; it found support around 26.00 after further downsides were rejected. As of this writing, the coin is trading at $26.89.

This development in price action led to a new high, sending UNI/USD towards another rally earlier today. Over the next 24 hours, Uniswap is expected to rise, with the $30 mark as its next major resistance point.

Source: TradingView

Uniswap price analysis conclusion

Granted the bearish nature of today’s Uniswap price analysis, there is the possibility of the price correcting to form a new higher low over the next 24 hours, which would push prices towards a major downtrend during the day. The price for UNI/USD has dropped from the $30 psychological support, and there is a negative outlook for the next 24 hours.

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