Uniswap may continue a bearish trend to $5.3 level
Uniswap Price Analysis – 17 August
The $5.7 and $6.1 resistance levels could be broken if there is adequate buying pressure to move past the $5.4 resistance level. The price levels of $5.1 and $4.9 will be tested if sellers are able to push the price below the $5.3 support level. At level 36, the period 14 relative strength index curves lower, signaling a sell.
UNI/USD Market
Key Levels:
Resistance levels: $5.4, $5.7, $6.1
Support levels: $5.3, $5.1, $4.9
UNI/USD Long-term Trend: Bearish
Uniswap is moving in a bearish way on the daily Chart. The crypto was under bullish pressure last week. Uniswap was pushed up to break the resistance levels of $ 6.1 and $6.4. The high of $6.6 was put to the test and the bullish pressure became weak. On 02 August, a solid daily bearish candle emerged, and the price declined. The former support level of $5.7 penetrated the downside. The price currently faces $5.3 support level.
Trading below the two EMAs on Uniswap suggests a price declination. The $5.7 and $6.1 resistance levels could be broken if there is adequate buying pressure to move past the $5.4 resistance level. The price levels of $5.1 and $4.9 will be tested if sellers are able to push the price below the $5.3 support level. At level 36, the period 14 relative strength index curves lower, signaling a sell.
UNI/USD Medium-term Trend: Bearish
Uniswap 4-hour chart indicates a bearish bias. The crypto found resistance at the $6.6 level after it breached several barrier levels such as $6.1 and $6.4. The sellers defended the resistance level of $6.6 and the price commenced a bearish trend. There is an increase in the sellers’ pressure and the price is decreasing at the moment.
Sellers are currently exerting price pressure. Uniswap is now trading below the exponential 9- and 21-period moving averages indicating a sell.
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