Uniswap Market Appears to be Dominated by Bears

Price may reduce further

Uniswap Price Analysis – 23 October

Uniswap is displaying a pretty unfavorable trend. It can surpass the $6.0 resistance level and hit the $7.0 to $8.0 potential if buying pressure picks up at $5.0. If they can overcome the $5.0 counterargument, merchandisers can try to reevaluate the $4.0 and $3.0 prospects.

UNI/USD Market

Key Levels:

Resistance levels: $6.0, $7.0, $8.0

Support levels: $5.0, $4.0, $3.0

UNI/USD Long-term Trend: Bearish

On the Uniswap daily chart, the $8.0 mark denotes significant bearish momentum. The cryptocurrency peaked on August 13 quite close to the $10.0 resistance level, forming a “Head and Shoulder” chart pattern. This cleared the path for a decline that finally hit the $5.0 barrier level. As the price declines once more, the bears hold onto their gains. The price of Uniswap dropped to roughly $6.0 yesterday. After that, it kept falling until it hit $5.0. If bears and bulls fight at the right level, bears may fall. It is currently trying to recover at $5.0.line.

Uniswap is showing a quite negative trend as it trades just below the Hull Suite cryptocurrency signal indicator. If buying pressure increases at $5.0, it can break over the $6.0 resistance level and reach the $7.0 to $8.0 potential. Merchandisers can attempt to reassess the $4.0 and $3.0 prospects if they are able to defeat the $5.0 counterargument.

UNI/USD Medium-term Trend: Bearish

Uniswap’s 4-hour chart displayed a bearish reversal trend. When the companies reached the $9.5 threshold, the price drop started. Charges decreased to $6.0 a few days after the price reduction was confirmed. As merchants put more pressure on their demands, this happened. Prices fell below the predetermined level as trade became more cautious; the Uniswap approached $6.0 before testing $5.0. The currency starts to lose value after plummeting from its peak. The market appears to be dominated by bears right now.

The price is currently higher than the dynamic support level. At Uniswap, the request is getting closer. A negative QQE MOD signal histogram indicates a selling position.

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