Uniswap (UNIS) is a Binance-backed ERC20 token that aims to create a decentralized cryptocurrency exchange. It has a working product, a token price history, and is attractive for more than just an investment opportunity. Read on for my take on the latest Uniswap price analysis.
The last week has been a rollercoaster as Uniswap has traded between the $25 and $35 range for the last 3 days, before retesting support at $25 as part of a longer-term consolidation that began in early January. The rally off of the $30 level is as a result of a critical mass of longs liquidating their positions, paving the way for a short squeeze. A short squeeze is the result of an increase in volume and the corresponding increase in volatility, which in turn increases the probability of a price move towards the short side. I suspect the short squeeze will be the start of another leg down and that the price will retest support at $25.
Uniswap (UNIS) is a fully decentralized exchange that enables the instant exchange of any ERC20 token. Unlike other decentralized exchanges that require users to hold an ERC20 token (like Ether), Uniswap has one of the lowest gas fees in the industry. It has even been compared with the likes of centralized exchanges like Coinbase.Summary of the situation
- UNI tested the $25 resistance yesterday.
- The next disc is $21.
- The next bracket is $17.
The Uniswap price analysis for today is bearish, as the market stopped yesterday at the $25 resistance and fell overnight. Therefore, we expect UNI/USD to form another lower weekend low with the next support at $17. Crypto-currency heat map. Source: Coin360 The general market is trading in the red today. Bitcoin is still posting a small gain, while Ethereum has lost 3.8%. Solana (SOL) and Polkadot (DOT) are among the worst performers with losses of 5 to 7%.
Uniswap price fluctuations in the last 24 hours
The UNI/USD pair traded in a range of $22.71 to $24.91, indicating moderate volatility. Trade volume fell 32% to $399 billion. Its market value is $13.3 billion, which puts the cryptocurrency in 10th place overall.
4-hour chart UNI/USD – UNI moves away from $25 resistance
On the 4-hour chart, we see that the Uniswap price marked a new low at $25 yesterday and is gearing up for further declines over the weekend. Chart 4 hours UNI/USD. Source: TradingView The market as a whole is still trying to recover from the sharp drop in May that led to a low of $13. UNI then began to recover and reached a high of $29.5. After a small pullback, the bulls pushed UNI/USD higher and retested resistance at $29.5, indicating that the bulls are not yet ready to push the market higher. A multi-day consolidation followed, with the $25 level serving as support. On Tuesday, the market fell to $21, down slightly. Yesterday, the bulls continued to push the price of VeCahin up towards the $25 level, retesting previous support as resistance. From there, UNI fell overnight, suggesting that the bears have taken control of the market and we can expect further declines over the weekend. This should lead Uniswap to the next support at $17.
Uniswap Price Analysis: Supplement
The Uniswap price analysis is bearish, as the market retested previous support at $25 as resistance and began moving away from this support overnight. Therefore, we can expect the bears to take over again and push UNI/USD below $21 to set a new low. In anticipation of Uniswap’s continued price movement, read our guides on buying bitcoin, bitcoin transactions, peer-to-peer blockchain. 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.It’s not often that you see a cryptocurrency with a $25 price tag, but the Uniswap (UIS) token is one of the few exceptions. The token is trading at $25.00 at the time of writing, and it’s currently testing support at $24.50. If the price stays below $25, Uniswap will likely see a price increase, but if it breaks above $25, we can likely expect to see it drop back down.. Read more about uniswap price prediction april 2021 and let us know what you think.
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