Uniswap Price Analysis – September 09
Should the price penetrate the support level of $22 and daily candle close below it, then, it may decline further to $15 and $12 support levels. Failure to break down the $22 level may leads to bullish trend continuation towards the resistance levels of $26, $30 and $37.
UNI/USD Market
Key Levels:
Resistance levels: $26, $30, $37
Support levels: $22, $15, $12
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the long-term outlook. Last two weeks, the coin has been under the control of the buyers. The buyers have pushed the coin to test the resistance level of $30 twice. The first touch was on August 13, it pulls back to retest the support level of $26. The bulls defended the just mentioned level and retest the resistance level of $30 second time. The price action has formed a double top chart pattern and the price is currently declining.
Uniswap is trading below the 9 periods EMA and 21 periods EMA which is an indication of bearish momentum. The fast moving average (9 periods EMA) is crossing the slow moving average (21 periods EMA) as a sign of bearish trend. Should the price penetrate the support level of $22 and daily candle close below it, then, it may decline further to $15 and $12 support levels. Failure to break down the $22 level may leads to bullish trend continuation towards the resistance levels of $26, $30 and $37. The Relative Strength Index is pointing up at 40 levels indicating buy signal which may be a pullback.
UNI/USD Medium-term Trend: Bearish
Uniswap is bearish on the 4-hour chart. The bullish momentum continue to resistance level of $30. The price action formed a double top chart pattern. The resistance level of $30 seems to be a significant level to the Uniswap. The price is currently decreasing and testing the support level of $21.
Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 40 levels bending up to indicate buy signal.
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