Uniswap (UNIUSD) Price: Bears Prevail, Support level of $17 May be Tested 

Updated:

Uniswap Price Analysis – November 18

More pressure from the bears will push the coin down towards the support level of $17, below it is $14 support level. The resistance levels above the current price are found at $24, $27 and $30.

UNI/USD Market

Key Levels:

Resistance levels: $24, $27, $30

Support levels: $21, $17, $14

UNI/USD Long-term Trend: Bearish

Uniswap is on the bearish movement on the long-term outlook. The coin was on the ranging movement within $27 and $24 levels last week. Sellers eventually prevail on November 16 when a strong bearish daily candle emerged. The support level of $24 was penetrated and the price declined towards the support level of $21. At the moment, the sellers are trying to push the price below the support level of $21.

Uniswap Daily chart, November 18

Uniswap has crossed the two EMAs downside, 9 periods EMA is below the 21 periods EMA as a symbol of bearish trend. Price is trading below the two EMAs.  More pressure from the bears will push the coin down towards the support level of $17, below it is $14 support level. The resistance levels above the current price are found at $24, $27 and $30. The Relative Strength Index is at 20 levels displaying a bearish trade direction.

UNI/USD Medium-term Trend: Bearish

Uniswap is bearish on the 4-hour chart. The bears’ momentum increases and the support level of $24 could not hold the price. The sellers’ pressure is strong enough to break down the just mentioned level. Uniswap price decreases and tested the support level of $21. Further price declination is possible.

Uniswap 4-hour chart, November 18

Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at $30 levels displaying bearish direction.

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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.