Uniswap (UNIUSD) Price Is Declining Towards $21 Support Level

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Uniswap Price Analysis – August 19

When the bears increase their momentum, $21 support level will be reached and may be penetrated to expose the price to $14 and $12 support levels. In case the support level of $21 holds, Uniswap price may increase to $26, $30 and $37 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $26, $30, $37

Support levels: $21, $14, $12

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. Last week, bulls were rejoicing in the Uniswap market. In other words Uniswap was bullish and the bullish momentum placed the price at the resistance level of $30. It seems the bullish pressure is becoming weak as more strong bearish daily candles formed and price is reducing. The bearish momentum is pushing price below the $26 price level.

Uniswap is declining and penetrate the two EMAs downside. The coin is trading below the 9 periods EMA and 21 periods EMA which is an indication of bearish momentum. The fast moving average (9 periods EMA) is bending towards the slow moving average (21 periods EMA). When the bears increase their momentum, $21 support level will be reached and may be penetrated to expose the price to $14 and $12 support levels. In case the support level of $21 holds, Uniswap price may increase to $26, $30 and $37 price levels. The Relative Strength Index is pointing down at 50 levels indicating sell signal.

UNI/USD Medium-term Trend: Bearish

Uniswap is bearish on the 4-hour chart. The bullish momentum that was triggered by the double bottom chart pattern formed at the support level of $14 has made the price to reach the resistance level of $30. The mentioned resistance level was defended by the bears; bearish candles emerges and the price is declining.

Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is below 40 levels bending down to indicate sell signal.

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