Uniswap Price Analysis: UNI briefly spikes to $23 before correcting lower to previous support

TL;DR Breakdown, Uniswap price analysis indicates bullish signalsUNI/USD consolidating strength to overcome supply zone barrierUNI is rejecting further downside around the daily low of $22 Today’s Uniswap price analysis is bullish after the market retraced to retest the previous low and rejected further downsides below that mark. Therefore, we are anticipating  UNI/USD to rally higher in the next 24 hours and recover part of its losses incurred in the just ended week The general cryptocurrency market traded in the red over the last 24 hours. Bitcoin is down by 3.86 percent, while Ethereum has lost 5.6 percent. LUNA emerged as the hottest gainer of the day with a price increase of 25 percent. Solana (SOL) is also among the worst performers, with a loss of more than 12 percent. Uniswap price movement in the last 24 hours: Uniswap retests previous low around $22 UNI/USD traded in a range of $22.24 – $23.12, indicating mild volatility over the last 24 hours. Trading volume has decreased by 11.07 percent and totals $529.64 million. Meanwhile, the total market capitalization trades around $13.69 billion, ranking the altcoin position #12 overall. UNI/USD 4-hour chart: UNI to rally overnight? On the 4-hour Uniswap price analysis chart, we can see the Uniswap price rejecting further downside as bulls prepare to consolidate and rally towards the $23 mark. UNI/USD 4-hour chart. Source: TradingView Uniswap price action has been tra...