Uniswap (UNIUSD) Price Is Bouncing Off $6.2 Resistance Level

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The bears’ momentum is increasing in Uniswap market

Uniswap Price Analysis – 19 January

In case the bulls can break through the $6.2 resistance level, Price levels of $6.6 and $7.2 may be tested. If the $6.2 resistance level is not broken, the sellers’ momentum may increase, causing Uniswap to break down the $5.7 support level, which would then cause the price to drop to the $5.1 and $4.9 support levels.

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. Last two weeks, buyers were in control of the Uniswap market. The purchasers’ momentum increased and the price was pushed to the high of $6.6. The bulls’ momentum could not withstand the barrier at the resistance level of $6.6. Sellers gained more pressure and the mentioned level was defended. The UNI market is experiencing a bearish reversal movement at the moment.

Crypto has already penetrated the fast-moving average (9-period EMA) downside yet to pass the slow-moving average (21-period EMA) downside. Uniswap is trading between the two dynamic support levels, a sign of bearish momentum. Should the bulls break through the $6.2 resistance level, Price levels of $6.6 and $7.2 may be tested. If the $6.2 resistance level is not broken, the sellers’ momentum may increase, causing Uniswap to break down the $5.7 support level, which would then cause the price to drop to the $5.1 and $4.9 support levels. The Relative Strength Index period 14 is bending down at 55 levels indicating bearish momentum,

 

UNI/USD Medium-term Trend: Bearish

Uniswap is Bearish on the 4-hour chart. When the crypto tested the $6.6 resistance level, the buyers’ momentum appeared to have peaked. The Crypto’s increase was paused. More sellers came on board to push down the price. The price is gradually decreasing toward the support level of $5.7. Currently, the cryptocurrency is aiming for a support level of $5.7.

Uniswap is trading below both the 9- and 21-period exponential moving averages, and the period 14 Relative Strength Index is at 36 levels, bending downward to offer 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.