Uniswap (UNIUSD) Price: Can It Be a Pullback or Price Reversal at $9.72 Price Level?

Updated:

Uniswap Price Analysis – February 23

The price may continue a bearish trend if it is not interrupted by the bulls at $6.81 level. It will target and break down the just mentioned level and decline to $4.01 and $2.56. Should the bulls resist the price, bullish trend may commence towards the resistance levels at $9.72, $13.87 and $19.79

UNI/USD Market

Key Levels:

Resistance levels: $9.72, $13.87, $19.79

Support levels: $6.81, $4.01, $2.50

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. The crypto played out the way it was predicted last week; the double top chart pattern formed and the price declined to test the support level of $9.72. The price pulled back to retest $13.87 price level. Yesterday, bears gain more pressure and the support level of $9.72 has turned to resistance level. It seems the price is targeting the support level of $6.81.

Uniswap is trading below the 9 periods EMA and 21 periods EMA which is an indication of bearish trend. The fast moving average (9 periods EMA) remains below the slow moving average (21 periods EMA). The price may continue a bearish trend if it is not interrupted by the bulls at $6.81 level. It will target and break down the just mentioned level and decline to $4.01 and $2.56. Should the bulls resist the price, bullish trend may commence towards the resistance levels at $9.72, $13.87 and $19.79.

UNI/USD Medium-term Trend: Bearish

Uniswap is bearish on the 4-hour chart. The bears eventually prevailed over the bulls. There was a ranging movement within $13.87 and $9.72 levels last week. Yesterday, the support level of $9.72 was broken downside and the price exposed to $6.8 support level.

Uniswap is trading above the 9 periods EMA but below 21 periods EMA as an indication of weak bearish pressure. The relative strength index period 14 is at 42 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.