Uniswap Price Analysis – March 24
An increase in the bulls’ momentum may break up the resistance level of $12.40 and this may increase the price to $13.87 and $19.79 resistance levels. In case the bears defend the resistance level of $12.40, Uniswap price may decrease to $9.72, $7.65 and $4.0 price levels.
UNI/USD Market
Key Levels:
Resistance levels: $12.40, $13.87, $19.79
Support levels: $9.72, $7.65, $4.0
UNI/USD Long-term Trend: Bullish
Uniswap is bullish on the long-term outlook. The price of UNISWAP could not go down further when it reaches the support level of $7.65 on 24 February. A bullish engulfing candle pattern emerged the following day, which is an indication that bulls are ready to push up the price. The price increases and tested the resistance level of $9.72. It penetrates the mentioned level and it is increasing slowly towards the resistance level of $12.40.
Uniswap has penetrates the two EMAs upside trading above it is an indication of bullish momentum. Also the fast moving average (9 periods EMA) has crossed the slow moving average (21 periods EMA) upside. An increase in the bulls’ momentum may break up the resistance level of $12.40 and this may increase the price to $13.87 and $19.79 resistance levels. In case the bears defend the resistance level of $12.40, Uniswap price may decrease to $9.72, $7.65 and $4.0 price levels. The Relative Strength Index is bending up at 59 levels indicating buy.
UNI/USD Medium-term Trend: Bullish
On the 4-hour chart, Uniswap is bullish. A pin bar candle pattern formed at $9.72 support level on 24 February is an indication that bulls are gathering momentum to increase the price. The bullish momentum is pushing the price towards the resistance level of $12.40. There is probability that the price may break up resistance level of $12.40.
Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 63 levels bending up to indicate buy signal.
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