Bulls’ momentum increases in Uniswap market
Uniswap Price Analysis – 16 November
Uniswap price at $5.1 and $4.7 will be tested if sellers are successful in pushing the price below the $5.4 support level. At level 67, the period 14 relative strength indicator creates an upward arch, suggesting a buy.
UNI/USD Market
Key Levels:
Resistance levels: $5.7, $6.1, $6.4
Support levels: $5.4, $5.1, $4.7
UNI/USD Long-term Trend: Bullish
The daily chart of Uniswap displays a growing trend. Buyers are currently preventing the market from dropping below the $5.1 threshold. Last month, there was bearish pressure on the cryptocurrency. The price found support at $4.0. The bearish frenzy faded when the $4.0 low was tested. On November 1st, a sizable bullish daily candle appeared, and the price began to rise. Before the slide, the $4.7, and $5.1 former resistance level was destroyed. Right now, the price is moving swiftly above the $5.4 resistance level.
When Uniswap trades above both EMAs, it indicates a good trend. $6.1 and $6.4 resistance levels might be destroyed if there is enough buying pressure to break past the $5.7 resistance level. The price levels at $5.1 and $4.7 will be tested if sellers are successful in pushing the price below the $5.4 support level. At level 67, the period 14 relative strength indicator creates an upward arch, suggesting a buy.
UNI/USD Medium-term Trend: Bullish
There is an increasing trend on the 4-hour Uniswap chart. Uniswap began to rise once the sellers held onto the $4.5 barrier level. The high of $5.1 was tested on October 17, following its successful completion of multiple tasks, including those with price points of $4.7 and $5.1. This resulted from increased buyer pressure. The aforementioned level was breached and Uniswap was exposed to the $5.7 level after gathering momentum.
At the moment, purchasers are the ones driving price pressure. A purchase signal is shown by the relative strength index period 14 positive trend at level 61.
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