Uniswap price recovers slowly as UNI eyes a 30% upswing
- 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
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.
Author
Akash Girimath
FXStreet
Akash Girimath is a Mechanical Engineer interested in the chaos of the financial markets. Trying to make sense of this convoluted yet fascinating space, he switched his engineering job to become a crypto reporter and analyst.
