On the Uniswap (UIS) / BTC price ratio, we are going to talk about some market moves that have been taking place over the past several days. This trend is quite interesting and may signal a potential turn in the Uniswap price action.
Today’s theme is a little different from usual. I’ve taken a look at the latest price action in Uniswap, which continues to flounder around the $20.5 mark. Uniswap is a fairly new coin that launched back in January, and trades at a market cap of $4 million. This relatively high market cap makes it a relatively risky proposition if you decide to trade it. The price action so far has been fairly sluggish, with upward momentum steadily waning away.Summary of the situation
- UNI was downstairs yesterday.
- Some recover overnight.
- UNI/USD is ready to fall.
The Uniswap price analysis for today is bearish, as the market has moved lower in the past 24 hours and has yet to find a bottom. The closest resistance is at $20.5, while $19.4 provides support for the 61.8 Fibonacci retracement. cryptocurrency heatmap. Source: Coin360 The overall market is trading in the red today, with bitcoin down 1.9% and Ethereum down about 3%. The rest of the market follows this downward trend, with a few exceptions.
Uniswap price fluctuations in the last 24 hours
The UNI/USD pair was trading in a range of $21.70 to $22.92, indicating moderate volatility. Trading volume remained unchanged at $286.6 billion. At the same time, the total value of the market is $0.8 billion, which puts the cryptocurrency in 10th place overall.
4-hour chart UNI/USD – Is UNI ready for a further decline?
On the 4-hour chart, we see that Uniswap’s price is preparing for a further decline, with the next support at $19.4. 4-hour UNI/USD chart. Source: TradingView The overall market price pattern has been bearish for several weeks, while the UNI/USD pair continues to decline from the previous high of $30. Several lower highs have already been observed, indicating bearish momentum. However, late last week we saw the UNI/USD fall back to $20.5, with that level being reached on the 8th. June tested again. This suggests that the UNI/USD has probably exhausted its correction and we could see a reversal from here. A look at the 50-61.8 percent Fibonacci retracement zone shows that UNI/USD has previously found support just between this zone. Therefore, we expect a retest of this support, from where the Uniswap price is likely to move higher during the week. When the UNI/USD price action starts trading higher, the next resistance target is around $38-$41. This means a possible return of 90-100% in the coming weeks.
Uniswap Price Analysis: Supplement
The Uniswap price analysis is bearish because the market has been falling for the past 24 hours and no support has been found yet. This means that in the next 24 hours we should see a further decline towards the next support at $19.4, where the 61.8 Fibonacci retracement level is located. While we wait for Uniswap to launch, check out our guides on betting on Cardano, cashing out bitcoins and buying bitcoin stocks. Denial. The information provided does not constitute commercial advice. .com accepts no responsibility for investments made on the basis of information provided on this site. We strongly recommend that you conduct independent research and/or consult a qualified expert before making any investment decision.