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

The bulls are dominating Uniswap market

Uniswap Price Analysis – October 27

An increase in the bulls’ momentum may break up the resistance level of $7.2 and this may increase the price to $7.9 and $8.9 resistance levels. In case the bears defend the resistance level of $7.2, Uniswap price may decrease to $6.7, $5.7 and $5.1 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $7.2, $7.9, $8.9

Support levels: $6.7, $5.7, $5.1

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. The price of UNISWAP could not go down further when it reaches the support level of $5.1 on 21 September. A bullish engulfing candle pattern emerged the following day, which is an indication that bulls are ready to push up the price. The price increases and break up the resistance level of $5.1. It penetrates the mentioned level and it is increasing slowly towards the resistance level of $7.2.

Uniswap has penetrated the two EMAs upside trading above it, as an indication of bullish momentum. Also the fast moving average (9 periods EMA) is trying to cross the slow moving average (21 periods EMA) upside. An increase in the bulls’ momentum may break up the resistance level of $7.2 and this may increase the price to $7.9 and $8.9 resistance levels. In case the bears defend the resistance level of $7.2, Uniswap price may decrease to $6.7, $5.7 and $5.1 price levels. The Relative Strength Index is pointing up at 63 levels indicating buy.

UNI/USD Medium-term Trend: Bullish

On the 4-hour chart, Uniswap is bullish. A double bottom chart pattern formed at the support level of $5.7. It is a bullish chart indication and the coin is obeying the command at the moment on 4-hour chart. The former resistance level of $8.7 is already broken upside and the price is heading towards the 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 71 levels bending up to indicate buy signal.

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