Bulls continue to dominate Uniswap market
Uniswap Price Analysis – 02 February
In case the bulls can overcome the $7.2 resistance level, price levels of $7.9 and $8.9 may be tested. If the $6.6 support level is broken, the selling pressure might increase, which would cause Uniswap to break the $6.2 support level and drop to $5.7.
UNI/USD Market
Key Levels:
Resistance levels: $7.2, $7.9, $8.9
Support levels: $6.6, $6.2, $5.7
UNI/USD Long-term Trend: Bullish
Uniswap is bullish on the daily outlook. The Uniswap market was dominated by purchasers in the preceding weeks. As the demand from the purchasers increased, the price reached a high of $6.6. The obstacle at the $6.6 resistance level proved to be great for the bulls’ momentum to clear. The sellers put further pressure, the previously mentioned level was held, and the $6.2 level was retested. The UNI market is continuing in a bullish trajectory as bulls are regaining strength. Last week, the resistance level of $6.6 was penetrated and the price is facing $7.2 at the moment.
The trading of the currency above the two dynamic support levels in the Uniswap market is a sign of bullish momentum. In case the bulls can overcome the $7.2 resistance level, price levels of $7.9 and $8.9 may be tested. If the $6.6 support level is broken, the selling pressure might increase, which would cause the cryptocurrency to break the $6.2 support level and drop to $5.7. The Relative Strength Index period 14 bending up at 61 levels indicates bullish momentum.
UNI/USD Medium-term Trend: Bullish
Uniswap’s 4-hour chart indicates a bullish bias. The purchasers’ enthusiasm waned last week when the cryptocurrency approached the $6.6 resistance level. The Cryptos backed off. More vendors entered the market, driving down the price. Price continued to decline till it hit the $5.7 support level. The buyers halted business operations and after gaining more pressure and the price was pushed above $6.6 resistance level.
The current resistance level for the coin is $7.2. The period 14 Relative Strength Index is at 62 levels, bending upward to provide a buy signal, and Uniswap is trading above the 9- and 21-period exponential moving averages.
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