Uniswap (UNIUSD) Price Approaches a Potential Bullish Reversal Level

Buyers’ momentum may increase in Uniswap market

Uniswap Price Analysis – 28 April

In case there is enough buying pressure and the $5.7 resistance level is breached, the $6.4 and $6.6 levels might also be broken. Price levels of $4.9 and $4.5 will be put to the test if sellers are successful in breaching the $5.1 support level.

UNI/USD Market

Key Levels:

Resistance levels: $5.7, $6.4, $6.6

Support levels: $5.1, $4.9, $4.5

UNI/USD Long-term Trend: Bearish

Uniswap is on the bearish movement in the daily outlook. The positive momentum was unable to breach the $6.6 resistance level. The Uniswap market has been dominated by sellers for more than a month. On March 11, the price jumped up to retest the $6.6 resistance level after probing the $5.1 support level. The price was decreasing toward the $6.4 support level since there were more sellers. As the sellers increased their pressure on the price over the last three weeks, it crossed the $6.4 ceiling and posed a threat to $5.7. Over the past week, the price broke down the just mentioned level and tested $5.1 level.

A minor bullish movement is clearly visible as the currency oscillates between the two dynamic resistance levels in the Uniswap market. In case there is enough buying pressure and the $5.7 resistance level is breached, the $6.4 and $6.6 levels might also be broken. Price levels of $4.9 and $4.5 will be put to the test if sellers are successful in breaching the $5.1 support level. Bullish action, which could be an upturn, is indicated by the relative strength index period 14 bending up at 41 levels.

UNI/USD Medium-term Trend: Ranging

Uniswap’s 4-hour chart indicates a ranging bias. A few weeks ago, as the price drew near $6.6, the joy of cryptocurrency buyers started to fade. The Cryptos pulled back. As more vendors entered the market, the price fell. The price falls all the way to $5.7 after passing through the $6.4 support level. The sellers were able to push the price to $5.1 support level.

There is increasing pressure from buyers, and the price may eventually increase above the $5.7 mark. Uniswap is currently trading slightly above both the exponential moving averages of 9 and 21 periods. The 14-period relative strength index bending up at 50 levels suggests a buy.

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