Uniswap may break down $5.1 support level
Uniswap Price Analysis – 22 December
The inability to break down the support level of $5.1, may increase Uniswap to $5.7, $6.7, and $7.2 price levels. An increase in the sellers’ momentum may break down the support level of $5.1, decreasing the price to $4.5 and $4.0 support levels.
UNI/USD Market
Key Levels:
Resistance levels: $5.7, $6.7, $7.2
Support levels: $5.1, $4.5, $4.0
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the long-term outlook. Uniswap price could not break down the support level of $5.7 last week. The price increased and tested the resistance level of $6.7. The buyers lose momentum and the price pulls back and the sellers’ pressure is not enough to push down the price below the $5.7 level. It was a consolidation period for Uniswap. On 16 December, bears were able to gain more pressure and broke down the $5.7 support level. The price is currently testing the support level of $5.1
The fast-moving average (9-periods EMA) is below the slow moving average (21-periods EMA). Uniswap has crossed the downside of the two EMAs, trading below the two dynamic support levels, indicating bearish momentum. The inability to break down the support level of $5.1, may increase the price to $5.7, $6.7, and $7.2 price levels. An increase in the sellers’ momentum may break down the support level of $5.1, decreasing the price to $4.5 and $4.0 support levels. The Relative Strength Index is bending down at 47 levels indicating bearish momentum.
UNI/USD Medium-term Trend: Bearish
On the 4-hour chart, Uniswap is bearish. The Crypto tested the resistance level of $6.5 on December 02. The just mentioned resistance level holds, an inverted candle pattern formed as an indication to the traders that, bullish momentum is exhausted. The price carried out a ranging movement for two days. The support level of $5.1 was tested and the price is currently trying to penetrate the support level of $5.1.
Uniswap is trading below the 9-periods EMA and 21-periods EMA, and the Relative Strength Index period 14 is at 38 levels bending down to indicate sell signal.
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