Buyers are getting ready to take over Uniswap market
Uniswap Price Analysis – 21 September
If there is enough purchasing pressure to go through the $4.5 resistance level, the $4.7 and $4.9 resistance levels might be broken. If sellers are successful in driving the price below the $4.0 support level, the price levels of $3.5 and $3.1 will be put to the test.
UNI/USD Market
Key Levels:
Resistance levels: $4.5, $4.7, $4.9
Support levels: $4.0, $3.5, $3.1
UNI/USD Long-term Trend: Bearish
On the daily Chart, Uniswap has a bearish bias. Near the $4.0 level, buyers are seeking to halt further drop. Positive pressure was applied to the cryptocurrency in the previous month. Uniswap has to move higher to get past the $6.4 barrier level. When the $6.6 high was contested, the bullish fervor diminished. A significant bearish daily candle appeared on August 2 and the price started to fall. Prior support levels of $4.9, $4.7, and $4.5 were breached by the plunge. The support level of $4.5 has already been crossed, and the price is now rejecting $4.0 level.
Trading above the two EMAs on Uniswap indicates a bullish trend. If there is enough purchasing pressure to go through the $4.5 resistance level, the $4.7 and $4.9 resistance levels might be broken. If sellers are successful in driving the price below the $4.0 support level, the price levels of $3.5 and $3.1 will be put to the test. The period 14 relative strength indicator bends upward at level 42, indicating a buy.
UNI/USD Medium-term Trend: Bullish
The 4-hour Uniswap chart shows a bullish tendency. The cryptocurrency surmounted many challenges, including those at $6.1 and $6.4, before finding resistance at a price of $6.6. When the sellers maintained the $6.6 barrier level, the price started to decline. Due to greater vendor pressure, the price has decreased to $4.0. Bulls and bears are currently fighting, which causes range movement.
Buyers are currently applying price pressure. The exponential 9- and 21-period moving averages for the Uniswap price are presently above them, suggesting a buy.
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