UNI / USD has seen a choppy wave of short-term trading and is currently near significant resistance levels.
After hitting a low of nearly 21.20000000 on the 13e In September, UNI / USD was able to climb to a high of nearly 26.00000000 early this morning. However, after hitting this milestone UNI / USD saw a slight decline emerge and now the USD 25.00 mark is being crossed. Resistance near the $ 26.00 mark is technically significant. From 5e from August to 7e from September, UNI / USD crossed a range between 26.00000000 and 31.45000000 quite consistently.
The vast cryptocurrency market had a slightly positive trading session the day before and this was correlated within Uniswap. Like other major digital assets, UNI / USD fell to a significant low on the 20the of July worth almost $ 14.00 tested. The upward trend since the third week of July has walked in formation and the UNI / USD peaked at around 31.45000000 on the 1st September.
Uniswap is the 11e largest cryptocurrency via its market capitalization ranking with nearly $ 15.3 billion in value. Technical traders will want to keep their eyes on the 26.00000000 mark as short term resistance; if this level can be penetrated higher, it could mean that a potentially strong buying frenzy is about to be initiated in the near term. However, a sense of nervousness is evident in the vast cryptocurrency market and speculators will also want to keep an eye out for Uniswap’s major counterparts.
Short term support near the 24.5000000 to 24.16000000 levels should be watched carefully. If these junctions falter and are penetrated below, it could indicate that the UNI / USD selling momentum is actually more dangerous. While a low of near 21.20000000 was recorded yesterday and maintained, should this lower value be seriously questioned, support levels untested since late July and early August could be targeted.
Uniswap has seen a significant bullish advance since the third week of July, but its early September highs did not challenge the all-time peak marks within UNI / USD that were produced in early May when the cryptocurrency traded above $ 45.00.. Traders who remain bullish on the UNI / USD may want to remain cautious until the 26.00000000 mark above becomes vulnerable. Until then, traders may want to try selling Uniswap on small, higher reversals that don’t break above current resistance levels.
Short-term outlook for Uniswap
Current Resistance: 26.10000000
Current support: 24.160000000
High target: 28.20000000
Low target: 21.09000000