Uniswap (UNIUSD) Price: Could It Be a Bearish Reversal?

Uniswap retested $6.6 resistance level and Retreated

Uniswap Price Analysis – 03 August

In case enough buying pressure is used to surpass the $6.4 resistance level, the $6.6 and $7.2 resistance levels may be broken. If sellers successfully drive the price below the $6.1 support level, the price levels of $5.7 and $5.4 will be tested.

UNI/USD Market

Key Levels:

Resistance levels: $6.4, $6.6, $7.2

Support levels: $6.1, $5.7, $5.4

UNI/USD Long-term Trend: Bullish

Uniswap is moving in a bullish way on the daily Chart. The bullish trend that commenced on 22 June has placed the price at the resistance level of $6.6. As the bulls clung to the prior level, the price rose. The former resistance level at $5.4 had to be breached due to the bull’s pressure. Price passed the $5.7 resistance level and then turned its attention to the $6.1 barrier level as the positive momentum increased. Price retreated and made another attempt at the $5.7 level. UNIUSD is currently pulling back at the $6.6 level.

The fact that Uniswap trades above the two EMAs indicates a price inclination. In case enough buying pressure is used to surpass the $6.4 resistance level, the $6.6 and $7.2 resistance levels may be broken. If sellers successfully drive the price below the $6.1 support level, the price levels of $5.7 and $5.4 will be tested. The period 14 relative strength index bends downward at level 56, indicating a sell.

UNI/USD Medium-term Trend: Bearish

Uniswap 4-hour chart indicates a bearish bias. The crypto found resistance at the $6.6 level after it breached several barrier levels such as $5.4 and $5.7. The sellers are defending the resistance level of $6.6 and the price pulled back. There is an increase in the sellers’ pressure and the price is decreasing at the moment.

Sellers are currently exerting price pressure. A little bit below the exponential 9- and 21-period moving averages, Uniswap is now trading.

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