Uniswap (UNIUSD) Price Approaches Potential Reversal Zone at $5.1 Levels

Updated:

Uniswap Price Analysis – September 22

An increase in the sellers’ momentum may break down $5.1 price level, which may push Uniswap price to $4.5 and $3.4 price levels. In case the bulls were able to exert pressure to break up the resistance level of $5.7, the price may increase to the resistance level at $6.7 and $7.2 levels.

UNI/USD Market

Key Levels:

Resistance levels: $5.7, $6.7, $7.2

Support levels: $5.1, $4.5, $3.4,

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. The sellers further pushed down the coin when the resistance level of $5.7 holds. The bearish journey started on August 14 at the resistance level of $9.7. Since then the coin has been under the control of sellers.  The support level of $5.7 was penetrated on 27 August. The just mentioned level has turned to resistance in which the crypto is trying to break down.

Uniswap is trading below the 9 periods EMA and 21 periods EMA which indicates a bearish movement. The slow moving average (21 periods EMA) is above the fast moving average (9 periods EMA). An increase in the sellers’ momentum may break down $5.1 price level, which may push Uniswap price to $4.5 and $3.4 price levels. In case the bulls were able to exert pressure to break up the resistance level of $5.7, the price may increase to the resistance level at $6.7 and $7.2 levels. However, the Relative Strength Index is displaying a bullish direction..

UNI/USD Medium-term Trend: Bullish

On the 4-hour chart, Uniswap is bullish. The crypto was on the ranging movement last week. When sellers lose momentum at the support level of $5.7, the bulls pushed the price to the resistance level of $6.7. The bulls’ momentum is not enough to break up the mentioned level. At the same time, the bears’ momentum is weak and unable to decrease price below $5.7. The coin started a ranging movement within $6.7 and $5.7 levels. The bearish momentum breaks down the $$5.7 level and $5.1 level was tested.

Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 53 levels bending down to indicate sell signal which may be a pullback..

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.