Uniswap Price Analysis – May 06
When the bulls gain more pressure to break up the resistance level of $43, the price will increase to the resistance level at $50 which may extend to $63 level. In case the bears increase pressure to break down the support level of $37, Uniswap price may decrease to $30 and $26 price level.
UNI/USD Market
Key Levels:
Resistance levels: $43, $50, $63
Support levels: $37, $30, $26, $21
UNI/USD Long-term Trend: Ranging
Uniswap is on the ranging mode on the long-term outlook. Buyers push up the Uniswap to test the resistance level of $43 at first on April 28. The resistance level of $43 holds the price. Since then, buyers’ pressure is weak and could not break up $43 price level. The bears’ momentum seems low and could not break down the support level of $37. The price is ranging within $43 and $37 price levels.
Uniswap is trading above the two EMAs at close range which indicates a decrease in the bulls’ momentum, also the fast moving average (9 periods EMA) remains above the slow moving average (21 periods EMA). When the bulls gain more pressure to break up the resistance level of $43, the price will increase to the resistance level at $50 which may extend to $63 level. In case the bears increase pressure to break down the support level of $37, Uniswap price may decrease to $30 and $26 price level. The Relative Strength Index is bending down at 60 levels which indicate a sell signal.
UNI/USD Medium-term Trend: Ranging
On the 4-hour chart, Uniswap is ranging. There is low volatility in the Uniswap market due to low bulls’ momentum and low bears’ pressure. The resistance level of $43 holds the price, also, the support level of $37 prevents further price decrease. The ranging movement may continue as long as the mentioned levels hold.
Uniswap is hovering over the 9 periods EMA and 21 periods EMA and the two EMAs are interlocked as an indication that ranging movement is ongoing.
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