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Uniswap market may decrease further
Uniswap Price Analysis – 21 December
The purchasing pressure may destroy the resistance levels at $6.8 and $7.2 if it rises beyond the $6.5 level. If sellers are successful in bringing the price below the $5.8 support level, Uniswap levels of $5.4 and $5.1 will be tested. The period 14 relative strength indicator forms an downward arch at level 47, indicating a sell.
UNI/USD Market
Key Levels:
Resistance levels: $6.5, $6.8, $7.2
Support levels: $5.8, $5.4, $5.1
UNI/USD Long-term Trend: Bearish
Uniswap’s daily chart demonstrates a bearish trend quite plainly. The market was driven northward by customers. The previous resistance level of $6.5 was totally destroyed before to last week’s climb. Bullish pressure has been exerted to the cryptocurrency over the last two weeks. At the $6.8 mark, the price encountered resistance. When the $6.8 high was questioned, the depressing excitement subsided. After a large bearish daily candle developed on December 11, the price started to decline and hit $5.8 again. The market is currently trading in a range between $6.5 and $5.8.
A bearish trend is indicated by the way Uniswap is trading in relation to the two EMAs. The purchasing pressure may completely destroy the resistance levels at $6.8 and $7.2 if it rises beyond the $6.5 level. If sellers are successful in bringing the price below the $5.8 support level, the price levels of $5.4 and $5.1 will be tested. The period 14 relative strength indicator forms a downward arch at level 47, indicating a sell.
UNI/USD Medium-term Trend: Bearish
The 4-hour chart of Uniswap shows a downward trend. As soon as the suppliers maintained the barrier level at $6.8, the price started to decrease. On December 10, after several projects, some with price values of $6.1, were successfully completed, the low of $6.5 was broken lower. This resulted from increased pressure from sellers. The level that was previously created is broken as momentum picks up, exposing Uniswap to the $5.8 level. Right now, the uniswap market is bouncing between $6.5 and $5.8.
Right now, buyers and sellers are in an equilibrium momentum. A sell signal is shown by the relative strength index period 14’s negative trend at level 45.
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