Uniswap Price Analysis – May 19
Ability to break down $3.9 price level by the bears, Uniswap price may decrease to $2.7, and $2.1 price levels. In case the bulls were able to exert pressure to break up the resistance level of $7.6, the price may increase to the resistance level of $9.7 and $12.4 levels.
UNI/USD Market
Key Levels:
Resistance levels: $7.6, $9.7, $12.4
Support levels: $3.9 $2.7, $2.1
UNI/USD Long-term Trend: Bearish
On the long-term outlook, Uniswap is bearish. Last week, the coin was trading within the resistance level of $7.6 and $3.9 support level. That means there was no significant movement in the market. Meanwhile, bears still hold the Uniswap market. The support level of $3.9 hold the price, it can’t penetrate the support level of $3.9. The price is trying to break down the just mentioned level. The bulls’ pressure is trying to push the price above $7.6 resistance level but the level holds.
Uniswap is trading below the 9 periods EMA and 21 periods EMA which indicates that bearish momentum is in place. The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). Ability to break down $3.9 price level by the bears, Uniswap price may decrease to $2.7, and $2.1 price levels. In case the bulls were able to exert pressure to break up the resistance level of $7.6, the price may increase to the resistance level of $9.7 and $12.4 levels. However, the Relative Strength Index is bending down at 33 levels which indicate a sell signal.
UNI/USD Medium-term Trend: Bearish
On the 4-hour chart, Uniswap is bearish. The support level of $3.9 was tested with the pressure from the bears. Bulls defend the just mentioned level with the formation of a pin bar and the bulls gain momentum, price increases. The bulls’ and the bears’ pressure failed and the price commence consolidation.
Uniswap is trading over and around the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 41 levels bending down to indicate sell signal.
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