Uniswap Price Analysis – May 13
When the bears gain more pressure to break down the support level of $33, the price will decrease to the support level at $26 which may extend to $21level. In case the bears could not break down the support level of $30, Uniswap price may increase to $37, $43 and $50 price level.
UNI/USD Market
Key Levels:
Resistance levels: $37, $43, $50
Support levels: $30, $26, $21
UNI/USD Long-term Trend: Ranging
Uniswap is on the bearish movement on the long-term outlook. The battle between the buyers and the sellers led to the whipsaw movement in the Uniswap market within the resistance level of $43 and support level of $37 last two weeks. On May 10, the pressure from the sellers increase and the support level of $37 was penetrated. The price tested the support level of $30.
Uniswap is trading below the two EMAs at distance which indicates an increase in the bears’ momentum, also the fast moving average (9 periods EMA) is crossing the slow moving average (21 periods EMA) downside. When the bears gain more pressure to break down the support level of $33, the price will decrease to the support level at $26 which may extend to $21level. In case the bears could not break down the support level of $30, Uniswap price may increase to $37, $43 and $50 price level. The Relative Strength Index is bending down at 40 levels which indicate a sell signal.
UNI/USD Medium-term Trend: Bearish
On the 4-hour chart, Uniswap is bearish. There was a ranging movement in the Uniswap market last week on 4-hour chart within $43 and $37 price level. On May 12, the bears gained more pressure and break down the support level at $37. The price is currently exposes to the support level at $30.
Uniswap is trading below the 9 periods EMA and 21 periods EMA, while the former EMA is trying to cross the former downside. The relative strength index period 14 is at 40 levels bending down to indicate sell signal.
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