Uniswap (UNIUSD) Price: Buyers and Sellers Low Momentum

Updated:

Uniswap Price Analysis – June 09

In case the bears were able to defend $7.6 resistance level, price may break down the support level of $3.9, and it will decline towards $2.7 and $2.1 levels. Ability to break up $7.6 price level by the bulls may increase the coin to $9.7, and $12.4 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $7.6, $9.7, $12.4

Support levels: $3.9 $2.7, $2.1

UNI/USD Long-term Trend: Ranging

Uniswap is on ranging movement on the long-term outlook. When the price reached the support level of $3.9 on May 12. A bullish candle pattern called Pin bar formed. This indicate an increase in the bulls’ momentum. Bears were unable to penetrate the support level of $3.9. The bulls equally lose momentum and was unable to break up the dynamic resistance level. This scenario leads to a ranging movement in the Uniswap market at the moment.

Uniswap is hovering over the 9 periods EMA and 21 periods EMA which indicates low momentum of both buyers and the sellers. The fast moving average (9 periods EMA) is interlocked to the slow moving average (21 periods EMA). In case the bears were able to defend $7.6 resistance level, price may break down the support level of $3.9, and it will decline towards $2.7 and $2.1 levels. Ability to break up $7.6 price level by the bulls may increase the coin to $9.7, and $12.4 price levels. However, the Relative Strength Index is parallel at 42 levels displaying no trading direction.

UNI/USD Medium-term Trend: Ranging

Uniswap is ranging on the 4-hour chart. A pin bar candle formed at the support level of $3.9 which indicate that Bulls are defending the just mentioned level. Bears are yet to gain enough pressure to break down the support level of $3.9. The mentioned level was tested on 12 May with the aid of bears’ pressure. Price increased when bulls gained more momentum. The bulls’ and the bears’ pressure failed and the price is currently ranging within support level $3.9 and resistance level of $7.6.

Uniswap is hovering over the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 47 levels bending up to indicate buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.