Uniswap [ UNI ] Price Prediction & Analysis: 30 May

The Uniswap price seems to have found a floor
at $21.60. UNI has bounced +15% from this morning’s
lows and is now fast approaching the next big level. Like most of the market, last week was a tale
of two halves for UNI. The DeFi token started Monday at $16.45 and,
by Wednesday, had rallied +82% to $30.03. So far, so good. After such a strong performance from the Uniswap
price, it was no surprise to see some profit-taking towards the end of the week. By the end of play Friday, UNI was off the
highs, lower by -16% to $25.16. Friday’s weakness spilled over into the
weekend, and the token bleed lower by a further -14% to $21.63. Over the last couple of hours, we have seen
some strength returning across the cryptocurrency markets.

Uniswap has now found a bid and reversed higher
from the lows. Currently, the Uniswap price is trading at
$24.86 and about to print its third consecutive 2-hour green candle. Whilst much depends on the performance of
the broader market. Now, the momentum seems to be higher. Although, there are obstacles to overcome
before getting back to its midweek high. The 2-hour chart shows that this morning’s
low at $21.63, tagged the lower end of a descending trend channel. Additionally, this trend was perfectly aligned
with the low point from a pull-back on Tuesday. The third touch on this level later this morning
confirmed the strong support. Above the price, we can see a descending trend
line from Wednesday’s highs. This is currently at $25.80 and is the immediate
resistance. If the price clears this resistance, it should
continue higher to $28.00. Given the current momentum, this is the likeliest
scenario. Nonetheless, if the momentum fails and the
Uniswap price drops below today’s low, the bullish outlook will be negated.

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