Buyers’ momentum may increase to break up $6.1 level
Uniswap Price Analysis – 20 July
In case there is enough buying pressure to get through the $6.1 resistance level, the $6.4 and $6.6 resistance levels might be broken. If sellers are successful in driving the price below the $5.7 support level, the price levels of $5.4 and $5.1 will be put to the test.
UNI/USD Market
Key Levels:
Resistance levels: $6.1, $6.4, $6.6
Support levels: $5.7, $5.4, $5.1
UNI/USD Long-term Trend: Bullish
On the daily Chart, Uniswap is moving in a bullish way. A bearish trend ended on June 10 when the price reached the $3.9 mark. As the bulls defended the prior level, the price rose. The $5.1 resistance level was broken by the bulls’ pressure. After passing past the $5.4 resistance level, the price tested the $6.1 resistance level as the bullish momentum increased. The price retreated and retested the $5.7 level. Currently, bulls are trying to break up $6.1 level.
The fact that Uniswap is trading above the two EMAs suggests that prices are inclining. If there is enough buying pressure to get through the $6.1 resistance level, the $6.4 and $6.6 resistance levels might be broken. If sellers are successful in driving the price below the $5.7 support level, the price levels of $5.4 and $5.1 will be put to the test. The period 14 relative strength index bends upward at level 66, indicating a buy signal.
UNI/USD Medium-term Trend: Bullish
Uniswap 4-hour chart indicates a bullish bias. In the 4-hour time frame, the price movement has created an ascending channel. On June 10, the cryptocurrency tested the $3.5 support level. After successfully holding the previous level, the bulls mounted. As a result of an increase in the bulls’ pressure breaking through the $5.1 former resistance level, which led to the development of powerful bullish candles, the price increased and exceeded the $5.7 barrier level. Coin spiked to a high of $6.1.
Price pressure from the buyers is currently being applied. Uniswap is currently trading a little above the exponential 9 and 21-period moving averages.
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