Uniswap (UNIUSD) Price Is Ranging Within $34 and $29 Price Level

Uniswap (UNIUSD) Price Is Ranging Within $34 and $29 Price Level

Uniswapr Price Analysis – March 18

In case the support level of $29 do not hold, the support level of $24 and $21 may be tested. If the support level of $29 hold, the price will continue its bullish trend towards the resistance level at $34, $39 and $42.

UNI/USD Market
Key Levels:

Resistance levels: $34, $39, $42

Support levels: $29, $24, $21

UNI/USD Long-term Trend: Bullish

On the long-term outlook Uniswap is bullish. The bulls are holding to the Uniswap market; this is seen on the daily chart as the price action is making higher highs and lower highs. The bullish movement started at the beginning of this year. Last week, the price reaches the resistance level at $34. The mentioned level holds and the price is pulling back to retest the support level of $29. However, the bulls dominated market yesterday.

Uniswap Daily chart, March 18

The coin is trading above the 9 periods EMA and the 21 periods EMA at close range to the EMAs which indicate that the bulls’ pressure is reducing. In case the support level of $29 do not hold, the support level of $24 and $21 may be tested. If the support level of $29 hold, the price will continue its bullish trend towards the resistance level at $34, $39 and $42. The Relative Strength Index is bending down at 60 levels connotes a decrease in Uniswap price.

UNI/USD Medium-term Trend: Ranging

The coin is on the bullish movement. When the coin tested the resistance level at $34 on March 17, the price retraced and retested the level. The level holds and ranging towards the support level at $29.The price is currently ranging within the $34 and $29 levels.

Uniswap 4-hour chart, March 18

However, the relative strength index period 14 is pointing up at 50 levels indicates a buy signal.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.