Uniswap Price Prediction: UNI to retrace 15% as bulls take break

Uniswap price is retesting the range high at $30.04, attempting to climb higher.
A failure to successfully breach the said barrier might result in a 15% correction to $25.47.
A breach of the $31.77 resistance level will invalidate the bearish thesis and trigger an uptrend.

Uniswap price is tussling with the range high and is likely to face rejection considering the general structure of the cryptocurrency market. Despite the recent upswing, investors should be wary of fakeouts.

Uniswap price awaits resurgence of buyers

Uniswap price first tagged the range high at $30.04 on August 10 and has been trying to push through for roughly four days.

Although Bitcoin price seems to be showing signs of a bull rally, it could be a fake run-up that might lure investors into being stuck with their long positions as market makers push the big crypto lower. This move will also knock down the already exhausted altcoins.

Uniswap price is also perfect for a minor pullback to the support level at $26.87. If the selling pressure continues to build up, UNI might drop to $25.47 and, in some cases, $23.15.

So long as Uniswap price remains above the 50% Fibonacci retracement level at $21.50, the upswing narrative will not face invalidation.

Therefore, market participants can expect a reversal above $21.50 as sidelined buyers continue to purchase UNI at a discount during the retracement, restarting a new rally.

UNI/USDT 12-hour chart

While the retracement narrative seems plausible, the bullish thesis will face invalidation if the Uniswap price produces a decisive 12-hour candlestick close above $31.77. This move will surpass the range high at $30.04 and set up a new swing high, signaling that the bulls are not exhausted.

In this case, investors can expect UNI to continue its ascent to retest the next significant resistance barrier at $36.56.

Share: Cryptos feed

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.

If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.

FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.

The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.