Sellers may continue to dominate Uniswap market
Uniswap Price Analysis – 09 February
Uniswap might break the $5.7 support level and fall to $5.1 if the $6.2 support level is breached due to increased selling pressure. In case the bulls manage to go through the $6.6 resistance level, the $7.2 and $7.9 price levels might come under scrutiny.
UNI/USD Market
Key Levels:
Resistance levels: $6.6, $7.2, $7.9
Support levels: $6.2, $5.7, $5.1
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the daily outlook. In the weeks before, buyers dominated the Uniswap market. The price rose to a high of $6.6 as the number of buyers increased. The resistance at the $6.6 level turned out to be a significant barrier for the bulls’ impetus to overcome. The $6.2 level was retested when the sellers applied more pressure, but the mentioned level held. Bulls recovered power, and the UNI market increased to $7.2 resistance level before the market closed last week. The price is currently pulling back.
The trading of the coin below the two dynamic support levels in the Uniswap market is a sign of bearish momentum. The cryptocurrency might break the $5.7 support level and fall to $5.1 if the $6.2 support level is breached due to increased selling pressure. In case the bulls manage to go through the $6.6 resistance level, the $7.2 and $7.9 price levels might come under scrutiny. Bearish momentum is shown by the Relative Strength Index period 14 bending down at 49 levels..
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a bearish bias. When the cryptocurrency tested the $7.2 resistance level last week, the buyers’ enthusiasm dwindled. The Cryptos retreated. The price decreased as more vendors entered the market. The price kept dropping until the $6.6 support level is broken downside. The price is heading towards $6.2 at the moment.
The buyers ceased their operations when the sellers increased their pressure, and the price eventually breached the $6.6 resistance level. Uniswap is trading below the 9- and 21-period exponential moving averages, while the period 14 Relative Strength Index is at 39 levels, giving a sell signal.
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