Uniswap price may test $4.5 Support Level
Uniswap Price Analysis – 29 December
In case the $4.5 support level cannot be broken, Uniswap may rise to the $5.1, $5.7, and $6.7 price levels. Should the sellers’ momentum picks up, the $4.5 support level may be broken, which would cause the price to drop to the $4.0 and $3.4 support levels
UNI/USD Market
Key Levels:
Resistance levels: $5.1, $5.7, $6.7
Support levels: $4.5, $4.0, $3.4
UNI/USD Long-term Trend: Bearish
On the long term, Uniswap has a bearish outlook. Uniswap’s price was unable to penetrate the $5.7 support level last two weeks. The price rose and tried to break through the $6.7 barrier level. The price pulls back as the buyers lose steam and the sellers’ pressure is insufficient to lower the price below the $5.7 mark. Uniswap experienced a phase of consolidation. The bears were able to apply more pressure and breach the $5.7 support level on December 16. On 29 December, the support level of $5.1 was breached and the price is currently exposed to the $4.5.
The slow-moving average (21-period EMA) is higher than the fast-moving average (9-period EMA). Uniswap is trading below the two dynamic support levels and has crossed below the two EMAs on the downside, which is a sign of bearish momentum. If the $4.5 support level cannot be broken, the price may rise to the $5.1, $5.7, and $6.7 price levels. Should the sellers’ momentum picks up, the $4.5 support level may be broken, which would cause the price to drop to the $4.0 and $3.4 support levels. A bearish trend is indicated by the Relative Strength Index’s downward bending at level 39.
UNI/USD Medium-term Trend: Bearish
The 4-hour Uniswap chart shows bearish momentum. On December 2, the cryptocurrency tested the $6.5 resistance level. An inverted pin bar candle pattern is generated as a sign to the traders that the bullish momentum is weak if the previously specified resistance level holds. Over the course of two days, the price moved in a range. After being challenged at the support level $5.1, the price broke through the support level of $ 5.1 yesterday and targeted $4.5 level.
Uniswap is trading between the 9-periods EMA and 21-periods EMA, the Relative Strength Index period 14 is at 46 levels bending up to indicate a buy signal which may be a pullback.
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