Sellers’ momentum may increase in Uniswap market
Uniswap Price Analysis – 04 May
In case there is enough selling pressure and the $5.1 support level is breached, the $4.9 and $4.5 levels might also be broken. Price levels of $6.4 and $6.6 will be put to the test if buyers are successful in breaching the $5.7 resistance level.
UNI/USD Market
Key Levels:
Resistance levels: $5.7, $6.4, $6.6
Support levels: $5.1, $4.9, $4.5
UNI/USD Long-term Trend: Bearish
Uniswap is on the bearish movement in the daily outlook. The $6.6 resistance level was too strong for the upward trend to overcome. For more than a month, sellers have been in control of the Uniswap market. After testing the $5.1 support level on March 11, the price shot up to retest the $6.6 resistance level. Over the past three weeks, as the sellers put more pressure on the price, it crossed the $6.4 ceiling and threatened to drop to $5.7. The price fell below the previously indicated level throughout the past week and tested the $5.1 level.
Uniswap maintains its trading below the two dynamic resistance levels. In case there is enough selling pressure and the $5.1 support level is breached, the $4.9 and $4.5 levels might also be broken. Price levels of $6.4 and $6.6 will be put to the test if buyers are successful in breaching the $5.7 resistance level. Bearish action is indicated by the relative strength index period 14 bending down at 37 levels.
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a bearish bias. A few weeks ago, the excitement of cryptocurrency buyers began to wane as the price came closer to $6.6. The Crypto retreated. 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. The price was pushed down by the sellers to the $5.1 support level.
Customers are putting more and more pressure on the price, which may eventually fall past the $5.1 threshold. Uniswap is currently trading just a little bit below the 9- and 21-period exponential moving averages. A selling signal is provided by the 14-period relative strength index bending down at 39 levels
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