https://ift.tt/32HXFEj Price Analysis: UNI fails to recover, break below $16.75 next?

TL;DR Breakdown

• Uniswap price analysis is bearish today.
• UNI/USD failed to push higher.
• The closest support at $16.75 is likely targeted again.

Uniswap price analysis is bearish today as we expect the current consolidation to end with a break lower. Since UNI/USD failed to regain bullish momentum, we expect the $16.75 support to finally be broken.

The cryptocurrency market has seen bullish momentum return over the last 24 hours. The market leaders, Bitcoin and Ethereum, have gained 0.42 and 1.08 percent, respectively. Meanwhile, Uniswap (UNI) trades with an average result of 1.8 percent gain.

Uniswap price movement in the last 24 hours: Uniswap consolidates below $17.5

UNI/USD traded in a range of $17.04 – $17.47, indicating low volatility over the last 24 hours. Trading volume has declined by 48.84 percent, totaling $163.8 million, while the total market cap trades around $10.9 billion, ranking the coin in 18th place overall.

UNI/USD 4-hour chart: UNI prepares to break lower?

On the 4-hour chart, we can see the Uniswap price failing to reach more upside, likely leading to a break below $16.75 current support.

Uniswap price action saw a strong advance last week. After two strong upswings, a new major swing high was set at $20 on the 27th of December.

After a healthy retracement just below $18, bulls prepared to push the market even higher on Tuesday. However, after briefly moving to $19.5, UNI/USD saw a sharp reversal and broke past the previous low.

The next low at $16.75 stopped the decline for now, leading the Uniswap price to set another lower high at $18.5. On Friday, UNI/USD returned to the $16.75 support, with a consolidation above it seen since. Likely, we will see this support broken next as bears are eager to test more downside.

Uniswap Price Analysis: Conclusion 

Uniswap price analysis is bearish today as we expect the market to break down after failing to reach more upside today. Likely the $16.75 support will finally be broken, opening up the way for a lot more downside next week.

While waiting for Uniswap to move further, see our articles on crypto tax-loss harvesting, BTC-backed mortgage services, and Pi Wallet.