Bears may dominate Uniswap market
Uniswap Price Analysis – 18 January
The resistance levels of $7.9 and $8.2 might be destroyed if the buying pressure stays over $7.1. If sellers can drive Uniswap below the $6.4 support level, the price levels of $5.7 and $4.9 will be tested
UNI/USD Market
Key Levels:
Resistance levels: $7.1, $7.9, $8.2
Support levels: $6.4, $5.7, $4.9
UNI/USD Long-term Trend: Bearish
Uniswap’s daily chart exhibits an obvious decreasing trend. Positive pressure has been applied to the cryptocurrency for the last three weeks. The market was driven northward by customers. The prior resistance level of $6.4 was destroyed before last week’s surge. The price encountered resistance at $6.4. When the $8.2 high was questioned, the depressing excitement subsided. A large bearish daily candle appeared on January 02, and the price started to drop again, hitting $5.7 and pulling back. The cost may decline further.
A downward trend is indicated by the way Uniswap is trading about the Hull Suite. The resistance levels of $7.9 and $8.2 might be destroyed if the buying pressure stays over $7.1. If sellers can drive the price below the $6.4 support level, the price levels of $5.7 and $4.9 will be tested. A sale is indicated when the QQE MOD indicator is red and below the zero level.
UNI/USD Medium-term Trend: Bullish
The 4-hour chart of Uniswap shows a bullish movement. As soon as the suppliers maintained the $8.2 barrier level, the price started to decrease. On December 28, after several projects, some with price values of $7.1, were completed, the low of $7.1 was broken lower. This resulted from increased pressure from sellers. Tests are made at the $5.7 support level as momentum picks up. Bulls support the previously indicated level, and the price is gradually rising right now.
Right now, there is low volatility in Uniswap market. The QQE MOD indicator’s negative histogram indicates a sell position.
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