Sellers’ momentum may increase in Uniswap market
Uniswap Price Analysis – 20 April
The $6.6 and $7.2 levels may also be broken if there is adequate buying pressure and the $6.2 resistance level is broken. If sellers are able to effectively breach the $5.7 support level, the price levels of $5.1 and $4.9 will be put to the test.
UNI/USD Market
Key Levels:
Resistance levels: $6.4, $6.6, $7.2
Support levels: $5.7, $5.1, $4.9
UNI/USD Long-term Trend: Ranging
Uniswap is on the ranging movement in the daily outlook. The $7.2 resistance level was too strong for the bullish momentum to overcome. For more than a month, sellers have commanded the Uniswap market. After testing the $5.1 support level on March 11, the price shot up to retest the $6.6 resistance level. Considering that there were more sellers, the price was falling toward the $6.2 support level. Over the past two weeks, as the sellers exerted further pressure on the price, it breached the $6.4 ceiling and challenged $5.7. The price has been ranging between $6.4 and $5.7 levels over the past week.
The currency is bouncing between the two dynamic resistance levels in the Uniswap market, and a slight bullish trend is plainly discernible. The $6.6 and $7.2 levels may also be broken if there is adequate buying pressure and the $6.2 resistance level is broken. If sellers are able to effectively breach the $5.7 support level, the price levels of $5.1 and $4.9 will be put to the test. Relative Strength Index period 14 bending down at 46 levels indicates bearish movement, which might be an downturn.
UNI/USD Medium-term Trend: Ranging
Uniswap’s 4-hour chart indicates a ranging bias. The euphoria of cryptocurrency buyers began to wane a few weeks ago as the price approached $7.2. The Cryptos withdrew. The price decreased as new vendors entered the market. The price drops through the $6.4 support level and drops all the way to $5.7. At this level, there is a conflict between buyers and sellers.
sellers’ pressure is becoming strong and the price may eventually break down $5.7 level. Uniswap is also trading below the 9- and 21-period exponential moving averages. A buy is indicated by the 14-period relative strength index being at 38 levels bending up.
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