Sellers’ momentum increases in Uniswap market
Uniswap Price Analysis – 09 March
In case the $6.2 resistance level is breached by strong buying pressure, the cryptocurrency may breach the $6.6 resistance level and challenge the $7.2 level. The $5.1 and $4.9 price levels would come under investigation if sellers are successful in breaking through the $5.7 support level.
UNI/USD Market
Key Levels:
Resistance levels: $6.2, $6.6, $7.2
Support levels: $5.7, $5.1, $4.9
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the daily outlook. The Uniswap market was dominated by sellers past three weeks. Considering that there were more sellers, the price was falling toward the $6.2 support level. The bulls’ momentum found it difficult to go over the $7.2 level obstacle. Last week, as the sellers put greater pressure on the price, the $6.2 level was broken. The market is currently moving in the direction of the $5.7 support level as bears gained momentum.
A negative trend is evident when the currency trades below the two dynamic resistance levels on the Uniswap market. In case the $6.2 resistance level is breached by strong buying pressure, the cryptocurrency may breach the $6.6 resistance level and challenge the $7.2 level. The $5.1 and $4.9 price levels would come under investigation if sellers are successful in breaking through the $5.7 support level. The Relative Strength Index period 14 bending down at 42 levels indicates bearish momentum.
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a bearish bias. The excitement of buyers subsided as the cryptocurrency approached the $7.2 barrier level over the past three weeks. The Cryptos retreated. The price decreased as new vendors entered the market. The price is falling further as it breaches the $6.2 support level.
Price may finally approach the $5.7 barrier level if sellers apply further pressure. In addition, as Uniswap moves closer to the $5.7 support level, it is trading below the 9- and 21-period exponential moving averages. The period 14 Relative Strength Index is at 36 levels, signaling a sell.
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