Uniswap (UNIUSD): In Case Bulls Defend $14 Support Level, Price May Reverse

Uniswap Price Analysis – December 16

In case the bears’ pressure increase further to break down the support level of $14, the price may decrease to the support level at $12 and $6 levels. Uniswap price may increase to $19, $22 and $24 price levels provided the bulls defend the support level of $14.

UNI/USD Market

Key Levels:

Resistance levels: $19, $22, $24

Support levels: $14, $12 $6

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. Last week, there was no significant movement in the Uniswap market, although the price remains bearish on the daily chart. There was a pullback when the price reached the former support level of $19 on November 27. The resistance level of $22 was retested. Following the scenario is the formation of bearish engulfing candle which made the price to decline to $14 level.

The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). Uniswap has crossed the two EMAs downside and it is trading below the 9 periods EMA at close range which indicates a decrease in the bears’ momentum. In case the bears’ pressure increase further to break down the support level of $14, the price may decrease to the support level at $12 and $6 levels. Uniswap price may increase to $19, $22 and $24 price levels provided the bulls defend the support level of $14.  The Relative Strength Index is bending up at 40 levels which indicate a buy signal.

UNI/USD Medium-term Trend: Ranging

On the 4-hour chart, Uniswap is on the ranging movement. The bullish movement could not continue as the bulls lose momentum at the resistance level of $22. More bearish candles were produced and the price fell to the support level of $14. Price has been ranging within the $19 and $14 levels.

Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 50 levels bending up to indicate buy signal.

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