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Bulls may dominate Uniswap market
Uniswap Price Analysis – 11 January
If the buying pressure continues over $7.1, the resistance levels of $7.9 and $8.2 can be entirely shattered. The price levels of $5.7 and $4.9 will be put to the test if sellers are successful in pushing the price below the $6.4 support level.
UNI/USD Market
Key Levels:
Resistance levels: $7.1, $7.9, $8.2
Support levels: $6.4, $5.7, $4.9
UNI/USD Long-term Trend: Bearish
The daily chart of Uniswap clearly shows a downward trend. For the past three weeks, there has been positive pressure on the cryptocurrency. Customers drove the market northward. Before last week’s ascent, the previous resistance level of $6.4 was completely obliterated. At $6.4, the price ran into resistance. The sad exhilaration faded when the $8.2 high was questioned. On January 02, a sizable bearish daily candle formed, and the price began to decrease once more, reaching $5.7. The price started to pull back.
The way Uniswap is trading about the Hull Suite suggests a negative trend. If the buying pressure continues over $7.1, the resistance levels of $7.9 and $8.2 can be entirely shattered. The price levels of $5.7 and $4.9 will be put to the test if sellers are successful in pushing the price below the $6.4 support level. The QQE MOD indicator is below zero level with red color, signifying a sale.
UNI/USD Medium-term Trend: Bullish
Uniswap’s 4-hour chart indicates an inclining trend. The price began to drop as soon as the suppliers kept the barrier level at $8.2. The low of $7.1 was broken lower on December 28 after multiple projects, some with price values of $7.1, were completed. Increased pressure from sellers led to this. As momentum increases, the support level of $5.7 is tested. Bulls defend the just-mentioned level and the price is currently increasing.
There are more buyers than sellers right now. The positive histogram of the QQE MOD indicator signifies a buy position.
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