Uniswap (UNIUSD) Price May Bounce Up at $14 Support Level

Updated:

Annual Forecast for Uniswap (2022)

The coin may break down the support level of $14 provided the sellers increase their pressure and it will decrease it to last year January low at $6 level. In case the bears’ pressure could not break down the $14 support level, the price may increase to $30 level if $18 and $24 resistance level can be penetrated upside

UNI/USD Market

Key Levels:

Resistance levels: $18, $24, $30

Support levels: $14 $6, $1

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the weekly chart. The bullish force pushed the coin to the high of $43 resistance level last year. The just mentioned level holds the coin and the price could not increase further. The bears gather more momentum and more weekly bearish candles were produced which indicate an increase in the bears’ pressure. The price has tested the support level of $114 last year in Uniswap market.

UNIUSD Weekly chart, January 12

Uniswap is trading below the 9 periods EMA and 21 periods EMA which indicates an increase in bearish momentum. The fast moving average (9 periods EMA) has crossed the slow moving average (21 periods EMA) downside. The coin may break down the support level of $14 provided the sellers increase their pressure and it will decrease it to last year January low at $6 level. In case the bears’ pressure could not break down the $14 support level, the price may increase to $30 level if $18 and $24 resistance level can be penetrated upside. However, the Relative Strength Index is at 40 levels parallel which indicate no specific direction.

UNI/USD Medium-term Trend: Bearish

On the 4-hour chart, Uniswap is bearish. The crypto formed “M” chart pattern in September last year. It is a bearish pattern, the price decline towards the support level of $14. The coin still remains under the control of the bears. The support level of $14 was tested in December, it pulled back to test the $18 resistance level. On January 09 the support level of $14 is retested. There is tendency for the price to bounce towards north.

Uniswap is trading slightly below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 40 levels bending up to indicate buy signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.