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Breaking down $5.7 support level envisaged
Uniswap Price Analysis – 29 November
The resistance levels at $6.4 and $6.6 may be totally destroyed if the buying pressure is high enough to breach the $6.1 resistance level. The Uniswap price levels of $5.4 and $5.1 will be tested if sellers are successful in pushing the price below the $5.7 support level.
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: Bearish
The daily chart of Uniswap clearly shows a decreasing trend. Customers are currently pushing the market in the direction of the south. Prior to yesterday’s decline, the prior support level of $6.1 was completely destroyed. Last month, there was bullish pressure on the cryptocurrency. The price found resistance at $6.6. The pessimistic enthusiasm faded when the $6.6 high was questioned. On November 24, a sizable bearish daily candle appeared, and the price began to fall. Price has been moving down swiftly below the support level at $6.1, opening up the $5.7 level.
Since Uniswap is trading between both EMAs, that indicates a negative trend. The resistance levels at $6.4 and $6.6 may be totally destroyed if the buying pressure is high enough to breach the $6.1 resistance level. The price levels of $5.4 and $5.1 will be tested if sellers are successful in pushing the price below the $5.7 support level. At level 61, the period 14 relative strength indicator creates a downward arch, signifying a sell.
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a decreasing trend. The price began to fall as soon as the vendors held the $6.4 barrier level. The low of $6.1 was broken downside on November 29, following the successful completion of multiple jobs, including ones with price values of $6.1. This resulted from increased sellers pressure. As momentum increases, the level that was previously set is broken, exposing Uniswap to the $5.7 level.
At the moment, sellers are the ones driving price pressure. A sell signal is shown by the relative strength index period 14 negative trend at level 44.
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