Uniswap (UNIUSD) Price: Bullish Trend May Commence at $5.7 Resistance Level

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Buyers may exert more pressure in Uniswap market

Uniswap Price Analysis – October 20

When there is a breakup of the resistance level of $6.76, price may increase to $7.31 and $7.97 resistance levels. Ability to break down $5.7 price level by the sellers, Uniswap price may decrease to $5.1, and $4.5 levels.

UNI/USD Market

Key Levels:

Resistance levels: $6.76, $7.31, $7.97

Support levels: $5.7 $5.1, $4.5

UNI/USD Long-term Trend: Bullish

On the long-term outlook, Uniswap is bullish. Last week, the crypto was bearish and the price decrease to the support level of $5.7. The price action on the daily chart is about to complete the formation of a bullish chart pattern called an inverted head and shoulder at the support level of $5.7. This pattern may trigger a bullish trend in the Uniswap market.

Uniswap is trading slightly above the 9 periods EMA and 21 periods EMA which connote an increase in bullish momentum. The fast moving average (9 periods EMA) is crossing the slow moving average (21 periods EMA) upside. When there is a breakup of the resistance level of $6.76, price may increase to $7.31 and $7.97 resistance levels. Ability to break down $5.7 price level by the sellers, Uniswap price may decrease to $5.1, and $4.5 levels.

  UNI/USD Medium-term Trend: Bullish

On the 4-hour chart, Uniswap is bullish. There was an opposition from the bears when price was pushed by bulls to the resistance level of $6.76 last week. The price decreased to the support level of $5.7. The chart pattern that is coming up is called inverted head and shoulder and this may trigger a bullish trend to $8.9 level.

Uniswap is trading above the 9 periods EMA and 21 periods EMA at close contact, the relative strength index period 14 is at 53 levels bending down to indicate sell signal.

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