TL; DR breakdown
- UNI finds support at $ 30.
- The previous local resistance at USD 31.5 is still ongoing.
- Next significant resistance around $ 32- $ 32.5.
Today’s Uniswap price prediction is bullish as the market continues to slowly make higher lows as it builds the momentum to finally climb above the previous high of $ 32.5. After the resistance is broken we should see a swift move towards the next major resistance at USD 35.
Cryptocurrency heat map. Source: Coin360
The entire crypto market is now in the green. Virtually every altcoin has seen an upward trend in the past 24 hours, with several setting new all-time highs. Ripple (XRP) performed the best, increasing it by 27 percent. Vechain (VET), Binance Coin (BNB) and Tezos (XTZ) have hit new all-time highs with gains of 15.5, 13.5 and 23.5 respectively.
After yesterday’s low volatility price action, the opening of UNI / USD at $ 30.82 resulted in a brief retest of $ 30. Since then, Uniswap price movement has slowly increased as it appears to be hovering above the previous local swing high of $ 31.5. Once that level is broken, we should see UNI / USD push up to break the previous big swing high of USD 32.5.
Uniswap price movement over the last 24 hours
The UNI / USD price hovered in a range of $ 29.69 to $ 31.53, which means moderate volatility for the altcoin. The trading volume is up 12 percent and now stands at $ 497 billion. The total market capitalization is 16.3 billion US dollars, which puts the cryptocurrency in 8th place overall.
UNI / USD 4 Hour Chart – UNI continues to make higher lows as it slowly gains momentum
On the 4-hour chart, we are seeing several higher lows over the past few days as Uniswap price momentum slowly built up and past the previous swing high of $ 32.5
UNI / USD 4-hour chart. Source: TradingView
Overall, Uniswap has been slowly making up for some of the loss it posted in late March as the price fell 30 percent in a matter of days after breaking below the $ 37 mark. Finally, on March 24, support was found around the $ 26 mark. After some consolidation, the upward momentum for the Uniswap price returned and the market quickly moved to $ 29.
From there, UNI / USD consolidated for several days before seeing another decline in late March. The bulls quickly took up any selling pressure, causing a sharp reversal and surge towards the $ 30 mark.
As a new higher local high was set, uniswap price sentiment turned bullish again. That price move caused another spike on Sunday with $ 32.5 set as the new swing high. The market reversed on Saturday, making another higher low at $ 29, with strong rejection of further downward movement shortly thereafter.
In the past 24 hours, UNI / USD has moved in a relatively small range again. Uniswap failed to make another higher high as it found resistance around $ 31.5. Another higher low has been hit, however, meaning the upward momentum is still building. We therefore expect the market to continue trying to break above the previous high of $ 32.5 later this week.
After UNI breaks the previous high of $ 32.5, the upward momentum is likely to increase further, likely leading to a rapid spike towards $ 35. From there, bears are likely to increase selling pressure, as seen several times over the past month.
Uniswap price prediction: conclusion
The Uniswap price forecast is bullish as the market continues to hit higher lows and prepares to break the previous swing high of $ 32.5 for good. Hence, we expect another uptrend in the following days with the next significant resistance around USD 35 likely to be reached by the end of the week.
While you wait for UNI to rise above $ 32.5, check out our Bitcoin Cash Price Prediction. To learn more about one of the most famous cryptocurrencies, check out our Dogecoin mining guide and long term price prediction.
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