Uniswap (UNIUSD) Price: Buyers Defend $5.1 Support Level

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The bulls are rulling Uniswap market

Uniswap Price Analysis – October 06

The resistance level of $7.2 may be broken upside if buyers exert more pressure and this may increase the price to $7.9 and $8.9 resistance levels. In case the sellers defend the resistance level of $7.2, Uniswap price may reduce to $6.7, $5.9 and $5.1 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $7.2, $7.9, $8.9

Support levels: $6.7, $5.9, $5.1

UNI/USD Long-term Trend: Bullish

On the long-term outlook, Uniswap is bullish. The double-top chart pattern formed at the resistance level of $9.7 triggered bearish trend last month. UNISWAP go down and tested the support level of $6.7. It commenced a ranging movement within $7.2 and $6.7 levels until September 18 when it penetrated the support level of $6.7 and $5.9 level was reached. A bullish engulfing candle pattern emerged on September 26, which is an indication that bulls are ready to push up the price. The price increases and currently targeting the resistance level of $7.2.

Uniswap has penetrated the two EMAs upside, it is trading above it as an indication of bullish momentum. The fast moving average (9 periods EMA) has crossed the slow moving average (21 periods EMA) upside. The resistance level of $7.2 may be broken upside if buyers exert more pressure and this may increase the price to $7.9 and $8.9 resistance levels. In case the sellers defend the resistance level of $7.2, Uniswap price may reduce to $6.7, $5.9 and $5.1 price levels. The Relative Strength Index is bending up at 60 levels indicating buy signal.

UNI/USD Medium-term Trend: Bullish

On the 4-hour chart, Uniswap is bullish. A double bottom chart pattern formed at $5.1 support level is an indication that bulls are ready to take over Uniswap market. The bullish momentum is pushing the price above the resistance level of $6.7. There is probability that the price may increase further to break up resistance level of $7.2.

 Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 59 levels bending down to indicate sell signal which may be a pullback.

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