Uniswap (UNIUSD) Price Bounces at Support Level of $19

Updated:

Uniswap Price Analysis – December 02

When the bulls increase their pressure, price may be pushed to close above the resistance level of $22, the price may test the resistance levels of $24 and $27. In case the price break down the support level of $19, it may decrease the to $14 and $12 levels.

UNI/USD Market

Key Levels:

Resistance levels: $22, $24, $27

Support levels: $19, $14, $12

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. After the cryptocurrency broke out of the ranging movement within $27 and $24 levels few weeks ago. The coin commenced a price declination with the formation of a strong daily bearish candle which penetrate the support level of $24 and the price tested the support level of $19. The mentioned level holds and the price consolidates within $22 and $19 levels throughout last week. Today, a bullish daily candle is trying to penetrate the resistance level of $22.

UNIUSD Daily chart, December 02

The bullish symbol is trying to establish as price is trading above 9 periods EMA and 21 periods EMA. Uniswap is crossing the two EMAs upside, Price is trading above the two EMAs. When the bulls increase their pressure, price may be pushed to close above the resistance level of $22, the price may test the resistance levels of $24 and $27. In case the price break down the support level of $19, it may decrease the to $14 and $12 levels. Relative Strength Index is at 50 levels displaying bearish direction.

UNI/USD Medium-term Trend: Bullish

Uniswap is bullish on the 4-hour chart. The support level at $19 rejects further price reduction on November 30. A bullish engulfing candle formed and the price increases towards the resistance level of $22. The bulls are trying to push the price above the $22 price level. At the moment, the price is trying to break up the just mentioned level.

UNIUSD 4-hour chart, December 02

Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is above 60 levels displaying bullish 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.