Uniswap (UNIUSD) Is Changing Direction to Bullish Trend

Updated:

Uniswap Price Analysis – December 09

When 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. In case the bulls defend the support level of $14, Uniswap price may increase to $19, $22 and $24 price levels. The Relative Strength Index is bending up at 40 levels which indicate a buy signal.

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. There was a ranging movement within the $24 and $27 levels for long period of days. The bearish movement triggered on November 15 when there was a bearish breakout at $24 level. The price dropped to $19 level and pulled back. The bullish momentum became weak when it encounter a confluence at $22 resistance level. Uniswap price decreases toward the support level of $14 and currently pulling back to retest dynamic resistance level.

UNIUSD daily chart, December 09

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. The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). When 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. In case the bulls defend the support level of $14, Uniswap price may increase to $19, $22 and $24 price 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 bullish. The bearish movement could not continue as the bears lose momentum at the support level of $14. A Marubozu candle pattern formed and Uniswap increases steadily towards $19 level. The bulls are restoring the price to bullish trend at the moment.

UNIUSD 4-hour chart, December 09

Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 60 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.