Uniswap Price Analysis – February 17
When the bulls’ pressure increase, price will increase to break up the resistance level of $13 and resistance level of $19 and $22 may be tested. In case the bears defend the resistance level of $13, the support level of $9 may be broken downside, below the level are $6 and $4 support levels.
UNI/USD Market
Key Levels:
Resistance levels: $13, $19, $22
Support levels: $9, $6, $4
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the long-term outlook. The crypto has formed a descending channel on the daily chart. The price is declining within the channel. It found support at $9 level. Price declination commenced at $22. The price tested the support level of $13, it bounced to test the $19 resistance level. The upper trend line holds and the pressure of the sellers is increasing. The price is currently consolidating at the support level of $9.
Uniswap is trading around the two EMAs which indicates that bulls’ and bears’ momentum is weak in the Uniswap market. Also the fast moving average (9 periods EMA) is trying to cross over the slow moving average (21 periods EMA) upside. When the bulls’ pressure increase, price will increase to break up the resistance level of $13 and resistance level of $19 and $22 may be tested. In case the bears defend the resistance level of $13, the support level of $9 may be broken downside, below the level are $6 and $4 support levels. The Relative Strength Index is bending down at 43 levels which indicate a sell signal.
UNI/USD Medium-term Trend: Ranging
Uniswap is on the ranging movement on the 4-hour chart. The support level of $9 was reached on 24 January. The bears’ and the bulls’ momentum became weak. It could not break down the support level of $9 due to weak bears’ pressure. The price started a ranging movement within the resistance level of $13 and the support level of $9.
Uniswap is trading around the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 50 levels bending down to indicate sell signal.
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