Uniswap (UNIUSD) Pulls Back to Retest $21 Level Before Bullish Trend Continues

Azeez Mustapha
10 June 2021 | Updated: 10 June 2021

Uniswap Price Analysis – June 10

When the bears’ pressure increase further to break down the support level of $21, the price may decrease to the support level at $15 and $12 levels. In case the bulls defend the support level of $21, Uniswap price may increase to $29, $34 and $39 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $29, $34, $39

Support levels: $21, $15 $12

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. The bullish movement triggered on May 24 with the formation of bullish engulfing candle could not continue. The bullish momentum became weak when it encounter a confluence at $29 resistance level. Uniswap price decreases towards the support level of $21 which indicate that the bears are in control of Uniswap market.

UNIUSD Daily chart, June 10

Uniswap has crossed the two EMAs downside and it is trading below the 9 periods EMA which indicates an increase in the bears’ momentum. The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). When the bears’ pressure increase further to break down the support level of $21, the price may decrease to the support level at $15 and $12 levels. In case the bulls defend the support level of $21, Uniswap price may increase to $29, $34 and $39 price levels. The Relative Strength Index is bending down at 40 levels which indicate a sell signal.

UNI/USD Medium-term Trend: Bullish

On the 4-hour chart, Uniswap is bullish. The bearish movement could not continue as the bears lose momentum at the support level of $21. A Marubozu candle pattern formed and Uniswap increases steadily towards $29 level. The bulls are restoring the price to bullish trend at the moment.

Uniswap is trading between the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 50 levels bending down to indicate sell signal which may be a pullback.

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Azeez Mustapha

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.