https://ift.tt/3IepHqe Price Analysis: UNI sets strong higher low at $16.5, ready to spike higher today?

TL;DR Breakdown

• Uniswap price analysis is bullish today.
• UNI/USD found support at $16.5 yesterday.
• Strong buying pressure saw overnight.

Uniswap price analysis is bullish today as we expect the current advance to continue later in the day after a strong higher low was set at $16.5 yesterday. Therefore, UNI/USD is ready to resume its advance and likely break even higher highs.

The market has returned to red over the last 24 hours. Market leaders, Bitcoin and Ethereum, have lost 2.35 and 3.42 percent. Meanwhile, Uniswap (UNI) is among the top performers, with a gain of 2.3 percent.

Uniswap price movement in the last 24 hours: Uniswap established a strong higher low at $16.5

UNI/USD traded in a range of $16.32 – $17.26, indicating substantial volatility over the last 24 hours. Trading volume has declined by 24.28 percent, totaling $271.23 million. Meanwhile, the total market cap trades around $10.78 billion, ranking the coin in 20th place overall.

UNI/USD 4-hour chart: UNI ready to break higher?

On the 4-hour chart, we can see the Uniswap price resuming its advance as bulls have established a strong base at $16.5.

Uniswap price saw the first signs of recovery early last wee when a slightly higher high was set above $16.5 on the 12th of January. The following retracement confirmed bullish momentum forming as a strong higher low was set above $15 two days later.

Over the weekend, bulls started to push UNI/USD higher again, quickly leading to a strong higher high reached slightly above $18. On Monday, quick retracement reclaimed around 10 percent as the previous major resistance at $16.5 was retested as support.

Further downside was rejected later in the day, leading to reversal overnight. Since then the Ripple price action has already spiked higher, likely leading to another higher high set over the next 24 hours, with the next target around the $19 mark.

Uniswap Price Analysis: Conclusion 

Uniswap price analysis is bullish today as we expect a new higher high to be set later today after a strong reversal from the $16.5 previous resistance turned support. This morning, UNI/USD has already begun its advance, with the previous high almost reached, indicating strong buying pressure.

While waiting for Uniswap to move further, see our articles on Coinbase Vault vs Wallet, Cardano price prediction, and crypto tax-loss harvesting.