Uniswap Price Analysis – May 20
Further increase in the bears’ pressure to break down the support level of $21 may lead to price decrease to the support level at $15 and $12 levels. In case the bulls defend the support level of $21, Uniswap price may increase to $26, $30 and $37 price levels.
UNI/USD Market
Key Levels:
Resistance levels: $26, $30, $37
Support levels: $21, $15, $12
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the long-term outlook. The crypto was ranging within the resistance level of $43 and support level of $37 last two weeks. On May 10, the pressure from the sellers increase and the support level of $37 was penetrated. The price tested the support level of $30 pulled back to retest the resistance level of $37. On May 19, a daily big bearish candle emerged and the support levels of $30 and $26 was penetrated downside to test $21 price level. The price is pulling back.
Uniswap continues its trading below the two EMAs at distance which indicates an increase in the bears’ momentum, also the fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). Further increase in the bears’ pressure to break down the support level of $21 may lead to price decrease to the support level at $15 and $12 levels. In case the bulls defend the support level of $21, Uniswap price may increase to $26, $30 and $37 price levels. The Relative Strength Index is bending up at oversold region (20 levels) which indicate a buy signal.
UNI/USD Medium-term Trend: Bearish
On the 4-hour chart, Uniswap is bearish. Immediately after the breakout of the coin from the ranging zone, the sellers took over the Uniswap market and the price decline to the support level at $21 after broken down the $30 and $25 levels. There is a tendency that the price may reverse at $21 level as the pin bar candle pattern emerges.
Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 30 levels bending up to indicate buy signal.
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