Uniswap (UNI) Price Increases by 3.82% Yesterday, Further Increase Expected 

Uniswap (UNI) Price Increases by 3.82% Yesterday, Further Increase Expected 

Uniswap Price Analysis – February 18

In case the bulls were able to push the price and close above the resistance level at $24, then, the resistance level at $27 and $30 will be the target. Inability to close above the mentioned resistance level may allow the sellers to push the coin towards $21, $17 and $14 support levels.

UNI/USD Market
Key Levels:

Resistance levels: $24, $27, $30

Support levels: $21, $17, $14

UNI/USD Long-term Trend: Bullish

On the long-term outlook, Uniswap is bullish. The coin broke out of the consolidation mode on January 13. The former resistance levels of $17, $21 were penetrated with the buyer’s aim to continue buying the coin. At the resistance level of $24, the bullish movement became weak and the price pulled back to retest the $17 price level. The bulls is gaining more pressure to push up the price towards the previous high resistance at $24 for a second-time retest.

Uniswap Daily chart, February 18

The price is currently sat on the support level at $21 with a daily bullish candle which indicates that the bulls open today’s market. Moreover, the Relative Strength Index is bending up above 60 levels connotes further increase of the UNI price. In case the bulls were able to push the price and close above the resistance level at $24, then, the resistance level at $27 and $30 will be the target. Inability to close above the mentioned resistance level may allow the sellers to push the coin towards $21, $17 and $14 support levels.

UNIUSD Medium-term Trend: Bullish

The coin is on the bullish movement. The sellers have not got enough momentum to push the coin down far beyond the support level at $17 when there was a pullback. Uniswap bounces increase and break up the resistance level of $21 moving towards the $24 price level. Further price increase envisaged.

Uniswap 4-hour chart, February 18

However, the relative strength index period 14 is pointing upside at 60 levels indicates a buy signal. The coin may breakup the $24 level and targets the $27 price level.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.