Uniswap (UNIUSD) Price: Formation of Double Bottom Chart Pattern, Bullish Movement Envisaged

Updated:

Uniswap Price Analysis – June 16

In case the bulls defend the support level of $3.4 price may break up $4.4 and increase towards $6.0 and $7.9 levels. Ability to break down $3.4 price level by the bears may decrease the coin to $2.7, and $2.1 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $4.4, $6.0, $7.9

Support levels: $3.4, $2.7, $2.1

UNI/USD Long-term Trend: Bearish

Uniswap is on bearish movement on the long-term outlook. The price action has formed a double bottom chart pattern; it is a bullish pattern that may trigger a bullish trend. The price reached the support level of $3.4 on May 12 and pulled back to retest the $6.0 resistance level. It consolidate for few days. An increase in the bearish momentum pushed price down to the previous low as the second touch at $3.4 level. The price is trying to bounce up at the moment.

Uniswap is trading below the 9 periods EMA and 21 periods EMA which indicates low momentum. The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). In case the bulls defend the support level of $3.4 price may break up $4.4 and increase towards $6.0 and $7.9 levels. Ability to break down $3.4 price level by the bears may decrease the coin to $2.7, and $2.1 price levels. However, the Relative Strength Index is at 40 levels pointing up to indicate buy signal.

UNI/USD Medium-term Trend: Bullish

Uniswap is bullish on the 4-hour chart. The price is currently bouncing up at the support level of $3.4. The second touch of the just mentioned level triggers a bullish movement. The price is increasing towards the resistance level of $4.4. There is tendency for the price to break up the just mentioned level provided the bulls increase their pressure.

Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 56 levels bending up to indicate buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.