|

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

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

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.

More from Akash Girimath
Share:

Editor's Picks

XRP defends $1.30 support as Ripple partners with Arf to bring RLUSD settlement liquidity to XRPL

Ripple holds near recently confirmed support at $1.30 on Friday, as bulls eye a short-term recovery toward $1.40. The remittance token’s upside remains capped by structural levels, suggesting recovery would depend on whether buyers can sustain momentum.

Bitcoin Weekly Forecast: BTC extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot ETFs recording $442.67 million in net inflows through Thursday.

Crypto Today: Bitcoin holds the 50-day EMA as Ethereum and XRP face structural resistance

Bitcoin gradually ticks up on Friday, trading above $81,000. The Crypto King has recently defended structural support near $80,000, reinforcing the prevailing bullish outlook. Ethereum similarly edges higher above $2,400, while Ripple trades above $1.32 after testing support around $1.30.

Pi Network holds modest gains as mixed technicals curb upside

Pi Network (PI) price is up 2% on Friday, showing signs of recovery while the broader cryptocurrency market faces near-term weakness. The crypto market sentiment eases to neutral from bullish amid rising long liquidations.

Bitcoin extends pullback as ETF inflows clash with risk-off sentiment

Bitcoin remains under pressure, trading around $81,800 on Friday, recording modest losses so far this week. Despite a mild pullback, institutional demand showed signs of a comeback with spot Exchange Traded Funds recording $442.67 million in net inflows through Thursday.