Sellers’ momentum may increase further in Uniswap market
Uniswap Price Analysis – 23 March
The $6.6 resistance level and the $7.2 level may also be broken if there is strong buying pressure and the $6.2 resistance level is beaten. If the $5.7 support level is successfully breached by sellers, the $5.1 and $4.9 price levels will be looked into.
UNI/USD Market
Key Levels:
Resistance levels: $6.2, $6.6, $7.2
Support levels: $5.7, $5.1, $4.9
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the daily outlook. The bulls’ momentum was unable to get past the $7.2 barrier level. The sellers have dominated the Uniswap market during the last four weeks. On 11 march the support level of $5.1 was tested and the price bounced up to retest the resistance level of $6.6. Considering that there were more sellers, the price was falling toward the $6.2 support level. Last week, the $6.2 barrier was breached as the sellers put more pressure on the price. The market is currently moving in the direction of the $5.7 support level as bears picked up speed.
As the currency trades below the two dynamic resistance levels on the Uniswap market, a negative trend is readily discernible. The $6.6 resistance level and the $7.2 level may also be broken if there is strong buying pressure and the $6.2 resistance level is beaten. If the $5.7 support level is successfully breached by sellers, the $5.1 and $4.9 price levels will be looked into. The Relative Strength Index period 14 bending down at 48 levels indicates bearish momentum.
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a bearish bias. Three weeks ago, as the cryptocurrency neared the $7.2 threshold, buyer euphoria began to wane. The Cryptos withdrew. The price decreased as new vendors entered the market. As the price penetrates the $6.2 support level, it starts to fall even further.
Price pressure from sellers could finally push it past the $5.7 barrier level. As it gets closer to the $5.7 support level, Uniswap is also trading below the 9- and 21-period exponential moving averages. The 14-period relative strength index is at 45 levels, which denotes a sell.
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