Uniswap price analysis: Uniswap continues to retrace, ready to retest $20.5

TL;DR Breakdown

• UNI moved lower yesterday.
• Some retracement overnight.
• UNI/USD ready to push lower.

Uniswap price analysis is bearish for today as the market moved lowe rover the last 24 hours and still is yet to find low. Closest resistance is located at the $20.5 mark, while the $19.4 mark would provide support of the 61.8 Fibonacci retracement.

The overall market trades in the red today as Bitcoin lost 1.9 percent, while Ethereum around 3 percent. Rest of the market follows this bearish trend with only couple of exceptions.

Uniswap price movement in the last 24 hours

UNI/USD traded in a range of $21.70 – $22.92, indicating a moderate amount of volatility. Trading volume has remained flat and remains around $286.6 billion. Meanwhile, the total market cap stands at $.8 billion, ranking the cryptocurrency in 10th place overall.

UNI/USD 4-hour chart – UNI ready to move lower again?

On the 4-hour chart, we can see the Uniswap price preparing to push lower again with the next support around $19.4. 

The overall, several-week market price action structure is still bearish as UNI/USD continues to retrace from the previous high at $30. Several lower highs have already been set, indicating a bearish momentum.

However, late last week, we saw the UNI/USD retrace to $20.5 mark and retested it once again on the 8th of June. This indicates that UNI/USD has likely exhausted its retracement and we could see a reversal from there.

Looking at the Fibonacci retracement area of 50-61.8 percent, we can see that UNI/USD previously found support right between this area. Therefore, we expect another retest of this support, from which the Uniswap price will likely start to push higher over the remaining week.

 When the UNI/USD price action starts to trade higher, the next resistance target is located around the $38-0$41 area. This would mean a potential gain of 90-100 percent over the next weeks.

Uniswap Price Analysis: Conclusion 

Uniswap price analysis is bearish as the market moved lower over the last 24 hours and support is still yet to be established. This means that we should see further downside over the next 24 hours to the next support at $19.4, where the 61.8 Fibonacci retracement level is located at.

While waiting for Uniswap to drop further read our guides on Cardano staking, How to cash out Bitcoin, as well as how to buy Bitcoin stock.

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