• Uniswap price is currently experiencing a pullback after setting up a swing high at $18.77.
  • The retracement will likely bounce off the $17.62 support level and trigger a 30% ascent to $23.05.
  • A lower low below $15.17 will invalidate the bullish thesis for UNI.

Uniswap price has been on a slow uptrend for quite some time. This move comes as the crypto markets are starting to recover from the brutal sell-off witnessed on December 4. The recent run-up shows that UNI is ready for a quick retracement before triggering a massive rally. 

Uniswap price prepares for higher highs

Uniswap price rose 23% over the past two days and set a swing high at $18.77. This climb was slow and faced selling pressure, but the bulls persevered. As UNI currently trades at $18.45, there is a chance that it retraces to the immediate support level at $17.62 before it kick-starts an upswing.

As long as this support level holds, the buyers can make a comeback, catalyzing Uniswap price to run to $21.86. This move would constitute a 23% advance. In some cases, an increased or sustained buying pressure could allow UNI to shatter this barrier and revisit the $23.05 resistance level, constituting a 30% climb.

This run-up for Uniswap seems plausible considering the overall bullish outlook of the crypto markets.

UNI/USDT 4-hour chart

UNI/USDT 4-hour chart

While things are looking up for Uniswap price, a breakdown of the $17.62 support level will indicate that sellers are overwhelming buyers. In this scenario, UNI could be open for a fatal drop.

If Uniswap price produces a swing low below $15.17, it will create a lower low, invalidating the bullish thesis detailed above. 

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.

Cryptos feed

Latest Crypto News


Latest Crypto News & Analysis

Editors’ Picks

Bitcoin finds buyers despite new six-month and 2022 lows, BTC relief rally on deck

Bitcoin price action on Monday was mainly in a full-blown bear attack, with a new 2022 and six-month lows hit. That all changed near the end of the NY equity market session when buyers poured in to rally Bitcoin higher to close in the green for the second day in a row.

More Bitcoin news

Binance Coin bulls may take over as BNB finds support at $350

Binance Coin price has fallen more than 31% since last Monday and over 51% from the all-time high. A deeper push lower is likely if the bulls fail to keep Binance Coin above its final support zone. New 2022 and seven-month lows are coming up.

More Binance Coin news

Ethereum Price Prediction: Ethereum could drop to $1,800

Etheruem price action, like the rest of the cryptocurrency market, has been overwhelmingly bearish. Since last Monday, ETH has fallen more than 34% and is currently more than 50% below the all-time high. Ethereum price has one sliver of support left, preventing a significant sell-off.

More Ethereum news

Centrifuge leads the current parachain slot auction on the Polkadot network

Centrifuge, a real-world DeFi project, is leading the current parachain slot auction. Polkadot price dropped in the recent crypto bloodbath and analysts have predicted a downward continuation of the altcoin. 124M Polkadot tokens is locked in a crowdloan.

More Polkadot news

Bitcoin: BTC may capitulate to $30,000

Bitcoin price has dropped considerably over the last three weeks. The recent downswing has made things worse for BTC and hints that a steep correction could be on its way.

Read full analysis

BTC

ETH

XRP