Sellers’ momentum may increase further in Uniswap market
Uniswap Price Analysis – 16 March
In case there is significant buying pressure and the $6.2 resistance level is broken, the $6.6 resistance level and the $7.2 level may also be broken. If sellers are successful in breaching the $5.7 support level, the $5.1 and $4.9 price levels will be investigated
UNI/USD Market
Key Levels:
Resistance levels: $6.2, $6.6, $7.2
Support levels: $5.7, $5.1, $4.9
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the daily outlook. The $7.2 level obstacle proved impossible for the bulls’ momentum to overcome. During the previous three weeks, sellers have dominated the Uniswap market. The price was decreasing toward the $6.2 support level since there were more sellers. The $6.2 level was broken last week as the sellers increased their pressure on the price. As bears gained pace, the market is currently going in the direction of the $5.7 support level.
A downward trend is clearly visible as the coin trades below the two dynamic resistance levels on the Uniswap market. In case there is significant buying pressure and the $6.2 resistance level is broken, the $6.6 resistance level and the $7.2 level may also be broken. If sellers are successful in breaching the $5.7 support level, the $5.1 and $4.9 price levels will be investigated. Bearish momentum is shown by the Relative Strength Index period 14 bending down at 43 levels.
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a bearish bias. The cryptocurrency got closer to the $7.2 barrier level, three weeks ago, and buyer excitement started to wane. The Cryptos backed off. As more suppliers entered the market, the price fell. Once the price breaks through the $6.2 support level, it plunges even more.
If sellers continue to put pressure on the price, it might eventually breach the $5.7 barrier level. Uniswap is also trading below the 9- and 21-period exponential moving averages as it approaches the $5.7 support level. The relative strength index for period 14 is at 45 levels, indicating a sell.
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