Uniswap (UNIUSD) Price Breaks Significant Resistance Level, $50 May Be Reached

Uniswap (UNIUSD) Price Breaks Significant Resistance Level, $50 May Be Reached

Uniswap Price Analysis – April 29

In case the resistance level of $44 holds, the price will retest the support level at $37 which may extend to $30 and $26 support level. When the bulls increase pressure to break up the resistance level of $44, Uniswap price may increase to $50 and $63 price level.

UNI/USD Market

Key Levels:

Resistance levels: $44, $50, $63

Support levels: $37, $30, $26, $21

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. The bulls maintain the pressure and the price increases accordingly. The support level of $30 holds and the last week resistance level was broken upside by the bulls. The price tested the resistance level at $44 yesterday. The price is pulling back at the moment.

Uniswap Daily chart, April 29

The fast moving average (9 periods EMA) retains its position above the slow moving average (21 periods EMA). Uniswap is trading above the two EMAs at a distance which indicates increase in the bulls’ momentum. In case the resistance level of $44 holds, the price will retest the support level at $37 which may extend to $30 and $26 support level. When the bulls increase pressure to break up the resistance level of $44, Uniswap price may increase to $50 and $63 price level. The Relative Strength Index is bending down at 70 levels which indicate a sell signal.

UNI/USD Medium-term Trend: Bullish

On the 4-hour market, Uniswap is bullish. Uniswap plays the way it was predicted last week. The former resistance level of $37 has turned to support level due to an increase in the bulls’ pressure. There is a tendency for an increase in the price of Uniswap. At the moment, it is carrying out price retracement.

Uniswap 4-hour chart, April 29

Uniswap is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish movement. However, the relative strength index period 14 is pointing down at 70 levels indicating a sell signal.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.