Buyers’ momentum may increase in Uniswap market
Uniswap Price Analysis – 18 May
In case there is enough buying pressure to breach the $5.7 resistance level, the $6.4 and $6.6 resistance levels might also be broken. The price levels of $4.9 and $4.7 will be tested if sellers can get below the $5.1 support level.
UNI/USD Market
Key Levels:
Resistance levels: $5.7, $6.4, $6.6
Support levels: $5.1, $4.9, $4.7
UNI/USD Long-term Trend: Bearish
Uniswap is on the bearish movement in the daily outlook. A descending channel is already formed in the daily chart. The resistance level of $6.6 stood in the way of the upward trend. The Uniswap market has been controlled by sellers for more than a month. After testing the $5.1 support level on March 11, the price shot up to retest the $6.6 resistance level. As the sellers applied more pressure over the past three weeks, the price exceeded the $6.4 ceiling and threatened to drop as low as $5.7. The price has been below the previous level for the past week and has tested the $5.1 level. The price is currently bouncing up from the $5.1 level.
Uniswap is trying to cross above the two EMAs. In case there is enough buying pressure to breach the $5.7 resistance level, the $6.4 and $6.6 resistance levels might also be broken. The price levels of $4.9 and $4.7 will be tested if sellers can get below the $5.1 support level. A purchase signal is present when the period 14 relative strength index bends upward at level 48.
UNI/USD Medium-term Trend: Bullish
Uniswap’s 4-hour chart indicates a bullish bias. The price action has formed a descending channel. A few weeks ago, when the price crept up toward $6.6, the excitement of cryptocurrency investors began to wane. The Crypto withdrew. The price decreased as more merchants entered the market. The price breaks through the $6.4 support level and drops all the way to $5.7. Buyers are reacting against the downtrend at the moment and the price is heading towards $5.7 level.
At the moment buyers are putting more pressure on the price, which may eventually lead to a bullish reversal. Uniswap is currently trading just a little bit above the 9- and 21-period exponential moving averages.
You can purchase Lucky Block here Buy LBLOCK
- Broker
- Min Deposit
- Score
- Visit Broker
- Award-winning Cryptocurrency trading platform
- $100 minimum deposit,
- FCA & Cysec regulated
- 20% welcome bonus of upto $10,000
- Minimum deposit $100
- Verify your account before the bonus is credited
- Over 100 different financial products
- Invest from as little as $10
- Same-day withdrawal is possible
- Fund Moneta Markets account with a minimum of $250
- Opt in using the form to claim your 50% deposit bonus
Learn to Trade
Never Miss A Trade Again
Signal Notification
Real-time signal notifications whenever a signal is opened, closes or Updated
Get Alerts
Immediate alerts to your email and mobile phone.
Entry Price Levels
Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.