Uniswap (UNIUSD) Price Is Pulling Back to Retest $15 Support Level

8 July 2021 | Updated: 8 July 2021

Uniswap Price Analysis – July 08

Ability to break up the resistance level at $21 price level may increase it to $27 and $34 resistance levels. In case the bears were able to exert pressure to break down the support level of $15, the price may decrease to the support level at $12 and $9 levels.

UNI/USD Market

Key Levels:

Resistance levels: $21, $27, $34

Support levels: $15 $12, $9

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. The bearish force has pushed the coin to the low of $15 support level. The just mentioned level holds the coin and the price could not decrease further. The bulls gather more momentum and more daily bullish candles were produced which indicate an increase in the bulls pressure. The price has tested the resistance level of $21 and it is trying to pullback.

UNIUSD daily chart, July 08

 

Uniswap is trading slightly above the 9 periods EMA and 21 periods EMA which indicates an increase in bullish momentum. The fast moving average (9 periods EMA) is trying to cross the slow moving average (21 periods EMA) upside. Ability to break up the resistance level at $21 price level may increase it to $27 and $34 resistance levels. In case the bears were able to exert pressure to break down the support level of $15, the price may decrease to the support level at $12 and $9 levels. However, the Relative Strength Index is bending down at 50 levels which indicate a sell signal and it may be a pullback.

UNI/USD Medium-term Trend: Bearish

On the 4-hour chart, Uniswap is bearish. The crypto bounces at the support level of $15 on June 27. The price steadily increases towards the resistance level of $21. At the moment, the bears is opposing the bulls at the just mentioned level and it is gradually reversing which may be a pullback.

UNIUSD 4 hour chart, July 08

Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 40 levels bending down to indicate sell signal.

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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.