Uniswap (UNIUSD) Price Is Struggling to Break Up $37 Resistance Level

Uniswap (UNIUSD) Price Is Struggling to Break Up $37 Resistance Level

Uniswap Price Analysis – April 22

When the bulls maintain or gain more pressure to break up the resistance level of $37, Uniswap price may increase to $44 and $50 price level. Inability to break up the resistance level of $37 by the bulls may push the coin towards the support level at $30 and $26, further decrease may test $24 price level.

UNI/USD Market

Key Levels:

Resistance levels: $37, $44, $50

Support levels: $30, $26, $21

UNI/USD Long-term Trend: Bullish

On the long-term outlook, Uniswap is bullish. The bulls hold unto the Uniswap market. The bears were trying to push down the price below the support level of $30 but the bulls are defending the mentioned level. The bearish breakout that took place on April 18 made the price to test the support level at $26 but the bearish momentum could not sustain the price at the level. The coin was pushed up to $37 resistance level by the bulls.

UNIUSD Daily chart, April 22

The 9 periods EMA remains above the 21 periods EMA and Uniswap is trading above the two EMAs at a distance which indicates bullish volatility market. When the bulls maintain or gain more pressure to break up the resistance level of $37, Uniswap price may increase to $44 and $50 price level. Inability to break up the resistance level of $37 by the bulls may push the coin towards the support level at $30 and $26, further decrease may test $24 price level. The Relative Strength Index is bending up at 70 levels which indicate a strong buy signal.

UNI/USD Medium-term Trend: Bullish

On the 4-hour market, Uniswap is bullish. Last week, the coin consolidates for short period of time at the support level of $30. The bulls gain more pressure and push up the price to the resistance level of $37. At the moment, the price is struggling to break up the just mentioned level.

UNIUSD 4-hour chart, April 22

Uniswap is trading above the 9 periods EMA and 21 periods EMA as a sign of bullish movement. However, the relative strength index period 14 is pointing up at 70 levels indicating a strong 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.