Uniswap (UNIUSD) Price; Bears’ Momentum Gradually Increasing, $24 Price level May be Reached

8 April 2021 | Updated: 8 April 2021
Uniswap Price Analysis – April 08

In case the bulls successfully gain more pressure and push the price below $29 support level, Uniswap price may reduce to $24 and $21 price level. Should the bulls gain more momentum and push up the price above the resistance level of $34, then, the resistance level of $39 and $44 may be tested.

UNI/USD Market
Key Levels:

Resistance levels: $34, $39, $44

Support levels: $29, $24, $21

UNI/USD Long-term Trend: Bearish

On the long-term outlook, Uniswap is bearish. The crypto formed a double top chart pattern last week on daily chart. The price is expected to be under the bears but there is an interruption from the bulls preventing downtrend movement, this is what made the price to experience ranging movement. Nevertheless, the sellers’ pressure outweigh the buyers’ pressure. The price reduction is envisaged in the Uniswap market.

UNIUSD daily chart, April 08

The 9 periods EMA is struggling to cross the21 periods EMA downside and Uniswap is trading below the two EMAs at close contact which indicate that low volatility market. In case the bulls successfully gain more pressure and push the price below $29 support level, Uniswap price may reduce to $24 and $21 price level. Should the bulls gain more momentum and push up the price above the resistance level of $34, then, the resistance level of $39 and $44 may be tested. The Relative Strength Index is bending up at 40 levels which indicate a sell signal which may be a pullback before bearish movement continue.

UNI/USD Medium-term Trend: Bearish

Uniswap is bearish in the 4-hour market. The price decreased to the support level at $24 last week. The price pulls back to retest the resistance level of $29. At the moment, the bears are preparing to take over the market. The price action on the 4-hoiur chart has form a “double top” chart pattern. This is a bearish signal; the price may descends and penetrate the $29 price level downside and the support level at $24 may be tested.

UNIUSD 4-hour chart, April 08

Uniswap is hovering over and around the two EMAs as a sign of ranging movement. However, the relative strength index period 14 is pointing down at 43 levels indicates a sell signal.

 

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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.