- UNI rejects $20 resistance.
- Next support at $17.
- All-time high still to be tested.
Today’s Uniswap price prediction is bearish as the market rejects $20 resistance and slowly forms a head and shoulders pattern. Further downside is expected later on.
Overall market continues to gain ground as the leaders – Bitcoin and Ethereum are still in the green. Binance Coin leads the market with over 35 percent gain, while Cardano lags behind the market with a -2.5 percent 24 hour movement.
Uniswap price prediction: UNI to move lower after failing to break $20
UNI/USD opened at $19.31 today after a bearish push took the price of Uniswap from $22.52 to $17. From there on, UNI saw some upside and $20 resistance tested. Currently, UNI rejects further upside, indicating that Uniswap price is ready to move lower again.
The next target for Uniswap price is seen at $17. It previously rejected further downside, however, could be broken after another test, opening the way for the price of Uniswap to move lower.
Uniswap price movement in the last 24 hours
The UNI/USD price moved in a range of $18.82 – $20.11, indicating a decent amount of volatility. Trading volume has decreased by 10.75 percent to $949.3 million. Uniswap remains the 15th largest cryptocurrency with a market cap of $5,8 billion.
UNI/USD 4-hour chart – Uniswap rejecting further upside at $20
Looking at the 4-hour chart for UNI/USD seems to have lost its bullish momentum. After reaching a new all-time high at $22.5, UNI rejected further upside and printed a bearish pin bar. From there on the Uniswap price moved towards $17. After some retracement of the bearish move, UNI tested $20 with rejection.
Overall, Uniswap has gained a lot over the past weeks. After the last major low around $7 reversed the market, Uniswap gained over 200 percent. During the past weeks Uniswap price has slowed down as it failed to set strong higher highs. This is only natural after such a strong move. Therefore, we could see mid-term retracement for Uniswap.
The first signs of a much larger retracement for UNI are seen in the form of rejections for further upside at $20. Yesterday the UNI did manage to briefly trade above it, however, further upside was quickly rejected. Another attempt was made earlier today and was also met with rejection. Therefore, the analyst expects the market to continue moving lower later this week.
First support for UNI is seen at the $17 mark. It previously acted as a support on the 1st and 7th of February. If Uniswap can break below the support, we should see a move towards the next crucial area around $15. This area is also in confluence with 50 percent Fibonacci retracement for the $7-$22.5 price move.
If Uniswap`s price can find support around this area and make a solid consolidation that stops further downside, UNI could reverse again. It is still too early to determine a more precise retracement target as the market has experienced severe volatility. However, the $15 mark is the current Uniswap price prediction.
Uniswap Price Prediction: Conclusion
Uniswap price prediction for today is bearish since further upside has been rejected twice around the $20 mark. The next target for support is located at $17. From there on, UNI should move towards the $15 mark.
However, a short position would not be advisable. The best option is to wait for further price action development in the form of retracement.
Until then, see our latest news on Tesla driving Bitcoin price or read our Litecoin Price Forecast: 2021-2025
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