Uniswap (UNIUSD) Finds Support at Potential Bullish Reversal Level

Updated:

Uniswap Price Analysis – December 23

Uniswap price may increase to $18 and penetrate it up to $22 and $24 price levels provided the bulls maintain their momentum. In case the bears’ pressure increase to break down the support level of $14, the price may decrease to the support level at $12 and $6 levels

UNI/USD Market

Key Levels:

Resistance levels: $18, $22, $24

Support levels: $14, $12 $6

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. The price remains bearish last week, though there was no significant movement in the Uniswap market. On December 21, Bulls’ pressure is increasing with the formation of strong daily bullish candles. Uniswap is currently targeting the resistance level of $18.

UNIUSD daily chart, December 23

The fast moving average (9 periods EMA) is trying to cross the slow moving average (21 periods EMA) upside. Uniswap has crossed the two EMAs upside and it is trading above the 9 periods EMA which indicates an increase in the bulls’ momentum. Uniswap price may increase to $18 and penetrate it up to $22 and $24 price levels provided the bulls maintain their momentum. In case the bears’ pressure increase to break down the support level of $14, the price may decrease to the support level at $12 and $6 levels..  The Relative Strength Index is bending up at 40 levels which indicate a buy signal.

UNI/USD Medium-term Trend: Bullish

On the 4-hour chart, Uniswap is on the bullish movement. Bears took over the market from the bulls on December 03. This is clearly seen when more bearish candles were produced and the price fell to the support level of $14. Price was ranging within around the $14 levels last week. Yesterday, bulls are gaining momentum and price is increasing towards the resistance level of $18.

UNIUSD 4-hour chart, December 23

Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 70 levels bending up to indicate buy 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.