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

Updated:

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.

UNIUSD Daily chart, December 16

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.

UNIUSD 4-hour chart, December 16

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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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.