Buyers are opposing sellers at $7.8 zone
Uniswap Price Analysis – 20 February
If buying pressure increases around $9.5 again, it can break through resistance levels and hit the $10.2 to $12.0 levels in Uniswap market. Sellers might attempt to reevaluate the $7.8 and $6.8 levels if they can break through the $8.8 support level.
UNI/USD Market
Key Levels:
Resistance levels: $9.5, $10.2, $12.0
Support levels: $8.8, $7.8, $6.8
UNI/USD Long-term Trend: Bearish
The Uniswap daily chart makes the “Double Top” bearish reversal indicator quite evident. On December 8, it was forecast that the currency would surge above the $18.0 resistance level and drop to the $13.8 support level. When the price dropped below $12.0, the bears held onto their market. The price of Uniswap has decreased to roughly $9.5 in recent weeks. It subsequently began to decline and tested the support level of $8.8. On December 9, it was removed and reexamined in the $12.0 area. For the past two weeks, customers have been adhering to the prior suggestions, and the cost has decreased to roughly $8.8.
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a declining trend. As soon as the purchasers reached the $16.3 mark, price reductions started. After the big project was finished a few days ago, prices fell to $10.2. When sellers increased the pressure on their market, this is what transpired. Prices dropped to the predetermined level as selling became more apprehensive; the Uniswap followed the bears’ lead and dropped to $8.8.
Right now, the price is below the dynamic support level. At Uniswap, the market is unpredictable. A negative QQE MOD signal histogram indicates a selling position.
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