Uniswap Price Analysis – May 12
Inability to break down $3.9 price level by the bears, Uniswap price may increase to $7.6, $9.7 and $12.4 price levels. In case the bears were able to exert pressure to break down the support level of $3.9, the price may decrease to the support level at $2.7 and $2.1 levels.
UNI/USD Market
Key Levels:
Resistance levels: $7.6, $9.7, $12.4
Support levels: $3.9 $2.7, $2.1
UNI/USD Long-term Trend: Bearish
On the long-term outlook, Uniswap is bearish. Bearish momentum continues in the Uniswap market. The support level of $7.6 could not hold the price, it is penetrated and dropped to the support level of $3.9. The price is trying to break down the just mentioned level at the moment. The bears’ pressure is trying to push the price below the support level of $3.9.
Uniswap continue its trading below the 9 periods EMA and 21 periods EMA which indicates an increase in bearish momentum. The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). Inability to break down $3.9 price level by the bears, Uniswap price may increase to $7.6, $9.7 and $12.4 price levels. In case the bears were able to exert pressure to break down the support level of $3.9, the price may decrease to the support level at $2.7 and $2.1 levels. However, the Relative Strength Index is bending down at 22 levels which indicate a sell signal.
UNI/USD Medium-term Trend: Bearish
On the 4-hour chart, Uniswap is bearish. The bears gain momentum at the resistance level of $7.6 and the bearish movement continues. At the same time, the bears’ momentum increases and it is making an attempt to break down the support level of $3.9. The price may decline to test the support level at $2.7.
Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 15 levels bending down to indicate sell signal.
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