Uniswap (UNIUSD) Price Experiences a Bullish Reversal at $4.9 Support Level

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The bulls are taken over Uniswap market

Uniswap Price Analysis – 05 January

The ability to break up the resistance level of $5.7, may increase Uniswap to $6.7, and $7.2 price levels. Failure to break up the resistance level of $5.7 may lead to an increase in the sellers’ momentum which may break down the support level of $5.1, this may decrease the price to $4.9 and $4.5 support levels. The Relative Strength Index is bending up at 50 levels indicating bullish momentum.

UNI/USD Market

Key Levels:

Resistance levels: $5.7, $6.7, $7.2

Support levels: $5.1, $4.9, $4.5

UNI/USD Long-term Trend: Bullish

Uniswap is bearish on the long-term outlook. Last week, Uniswap price was under the control of the sellers. It decreased to the low of $4.9 support level on 28 December. The sellers’ pressure could not break down the support level of $5.1. The price increased and tested the resistance level of $5.1.The just mentioned level was penetrated upside. It is currently heading toward the resistance level of $5.7.

The fast-moving average (9-periods EMA) is trying to cross the slow-moving average (21-periods EMA) upside to establish an uptrend. Uniswap has crossed the two EMAs upside, trading above the two dynamic support levels, indicating bullish momentum. The ability to break up the resistance level of $5.7, may increase the price to $6.7, and $7.2 price levels. Failure to break up the resistance level of $5.7 may lead to an increase in the sellers’ momentum which may break down the support level of $5.1, this may decrease the price to $4.9 and $4.5 support levels. The Relative Strength Index is bending up at 50 levels indicating bullish momentum.

UNI/USD Medium-term Trend: Bullish

On the 4-hour chart, Uniswap is bullish. When the price reached the support level of $4.9, the sellers’ momentum seemed to be exhausted. The Crypto could not reduce further. Buyers gained more impetus to push up the price. The price increases gradually and broke up the $5.1 resistance level. The Crypto is targeting the resistance level of $5.7 at the moment.

Uniswap is trading between the 9-period EMA and 21-period EMA, the Relative Strength Index period 14 is at 55 levels bending down to indicate a sell 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.