Uniswap (UNIUSD) Price: Bulls Are Recovering Power, Bullish Movement Continues

Buyers may continue to dominate Uniswap market

Uniswap Price Analysis – 16 February

Uniswap might break the $7.9 resistance level and test the $8.9 if the $7.2 resistance level is breached due to increased buying pressure. In case the sellers manage to go through the $6.6 support level, the $6.2 and $5.7 price levels might come under scrutiny

UNI/USD Market

Key Levels:

Resistance levels: $7.2, $7.9, $8.9

Support levels: $6.6, $6.2, $5.7

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the daily outlook. Last week, sellers dominated the Uniswap market. The price was declining toward the support level of $6.2 as the number of sellers increased. The support at the $6.2 level turned out to be a significant barrier for the bears’ impetus to overcome. The $6.2 level was retested when the sellers applied more pressure, but the mentioned level held. Bulls recovered power, and the UNI market increased to break up the resistance level of $6.6 and the price is currently moving towards the $7.2 resistance level.

The trading of the coin above the two dynamic resistance levels in the Uniswap market is a sign of bullish momentum. The cryptocurrency might break the $7.9 resistance level and test the $8.9 if the $7.2 resistance level is breached due to increased buying pressure. In case the sellers manage to go through the $6.6 support level, the $6.2 and $5.7 price levels might come under scrutiny. Bullish momentum is shown by the Relative Strength Index period 14 bending up at 56 levels.

UNI/USD Medium-term Trend: Bullish

Uniswap’s 4-hour chart indicates a bullish bias. The purchasers’ enthusiasm waned when the cryptocurrency approached the $7.2 barrier mark last week. The Cryptos backed off. As more suppliers entered the market, the price dropped. The $6.2 support level was tested as the price continued to decline.

When the buyers applied further pressure, the sellers stopped trading, and eventually, the price broke through the $6.6 barrier level. The period 14 Relative Strength Index is at 70 levels, signaling a buy, and Uniswap is trading above the 9- and 21-period exponential moving averages as it moves toward the $7.2 resistance level.

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