UNI/USD is bullish for the next 24 hours


www.cryptopolitan.com

2 h

Reading time: ~3 m


  • Uniswap price analysis is bullish today.
  • UNI/USD set a higher low at $24.7 today.
  • Uniswap currently tests the $25.5 mark as the daily high.

Today, the Uniswap price analysis is good, as we saw a strong recovery following a fall to $24.5 over the weekend. As a result, UNI/USD will likely rise even more in the near future, with the following significant barrier set at $27.5.

Over the weekend, we saw UNI/USD fall to a low of $24.5 and then recover, increasing the price into the $26 range by today. As shown in the chart above, this is an important psychological level for traders and investors alike, since it ended up acting as resistance at around $26.50 on multiple occasions.

Today, however, we’ve seen UNI/USD make another head-turning recovery: by testing the $25.5 mark twice so far with no trouble whatsoever! Despite this fact, we’ve clearly fallen short of breaking through that key daily high by roughly one dollar thus far.

As far as technical analysis goes, we can observe two main things about today’s price action: firstly, we’ve set a higher low at $24.7 today; and secondly, we’re currently testing the $25.5 mark as the daily high (but have thus far failed to break through it) – providing us with two good reasons to expect further upside momentum in the long run.

UNI/USD 4-hour chart: UNI set to move higher?

On the 4-hour chart, we can see that the Uniswap price is testing the $26 mark as bullish momentum has resumed today.

UNI/USD 4-hour chart. Source: TradingView

Currently, UNI/USD is starting another attempt at breaking through the $25.5 mark, however, should we fail to break above this key barrier in a convincing manner again today, only then will there be a reason to consider other trading strategies.

In an unlikely bearish move, UNI/USD would have to close below the daily low at $24.7 for us to even consider the possibility of a downside break in the near future. As long as we stay above that mark, however, our analysis and trading strategy will remain bullish.

As mentioned earlier during today’s daily analysis, it is advisable to wait for at least one more attempt at breaking $25.5 before considering any other possible trading opportunities. The only thing that could potentially break that model is if we close below the $24.7 mark, but that seems unlikely given the higher low set just today at $24.7.

At the time of this writing, UNI/USD has just recently touched the $26.4 mark, causing a small sell-off that is now testing support at $25.3 – a key level for the following reasons: it acts as an important psychological barrier; it’s also one of those rare daily resistances which ended up being tested twice on Wednesday and Thursday; and finally, the Fibonacci Retracement showed us as well as our readers earlier this week that there was clear overhead resistance at $26.5 – something we’re observing once again today.

Uniswap Price Analysis: Conclusion 

UNI is now in a buying mood, as the price rose over the last 24 hours following the formation of a key high at $24.5 on Sunday. We are bullish for UNI/USD because more upside should be forthcoming later today.


Source link

You May Also Like