Uniswap price may increase further
Uniswap Price Analysis – 02 November
The $5.1 and $5.4 resistance levels might be broken if there is enough buying pressure to get through the $4.7 resistance level. The price levels at $4.0 and $3.5 will be tested if sellers are successful in pushing the price below the $4.5 support level
UNI/USD Market
Key Levels:
Resistance levels: $4.7, $5.1, $5.4
Support levels: $4.5, $4.0, $3.5
UNI/USD Long-term Trend: Bullish
The daily chart of Uniswap exhibits a strong upward trend. Currently, Buyers are preventing the market from declining beyond $4.0 level. Last month, there was a bearish pressure on the cryptocurrency. The price found support at $4.0 level. The bearish enthusiasm faded as the $4.0 low was tested. On 01 November, a sizable bullish daily candle appeared, and the price began to incline. The slide completely shattered the previous resistance level of $4.5. The price is now aggressively increasing towards the $5.1 resistance level.
Trading Uniswap above the two EMAs is a sign of a bullish trend. The $5.1 and $5.4 resistance levels might be broken if there is enough buying pressure to get through the $4.7 resistance level. The price levels at $4.0 and $3.5 will be tested if sellers successfully push the price below the $4.5 support level. At level 67, the period 14 relative strength indicator creates an upward arch, signifying a buy.
UNI/USD Medium-term Trend: Bullish
The 4-hour Uniswap chart is in a positive trend. The price began to drop when the sellers held the $4.5 barrier level. The low of $4.0 was tested on 17 October after it overcame many obstacles like those with $4.7 and $4.5 price points. This was achieved as a result of increased vendor pressure. Buyers prevent further price decline when they gain momentum. Yesterday, the price soared toward the north.
At the moment, Buyers are driving price pressure. A buy signal is indicated by the positive trend of the relative strength index period 14 at level 71.
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