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.
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