Uniswap Price Analysis – March 31
The breaking up of the $12.40 resistance level will make the coin to target the $13.87 and $15.98 resistance levels. Inability to break up the resistance level of $12.40 may send the price to previous low at $9.72, $7.65 and $4.0 support levels.
UNI/USD Market
Key Levels:
Resistance levels: $12.40, $13.87, $15.98
Support levels: $9.72, $7.65, $4.0
UNI/USD Long-term Trend: Bullish
Uniswap is bullish on the long-term outlook. When UNISWAP tested the support level of $7.65 on February 24, the bears’ momentum failed and could not go down further. A bullish reversal candle pattern called bullish engulfing candle emerged and the price started increasing towards the resistance level of $12.40 after penetrating the $9.72 level. Further price increase envisaged above $12.40 level.
Uniswap has penetrates the two EMAs upside and it is trading above the two EMAs as an indication of bullish momentum. Also the fast moving average (9 periods EMA) has crossed the slow moving average (21 periods EMA) upside. The breaking up of the $12.40 resistance level will make the coin to target the $13.87 and $15.98 resistance levels. Inability to break up the resistance level of $12.40 may send the price to previous low at $9.72, $7.65 and $4.0 support levels. The Relative Strength Index is pointing up at 69 levels indicating buy.
UNI/USD Medium-term Trend: Bullish
On the 4-hour chart, Uniswap is bullish. The crypto tested the support level of $7.67 twice last week. The mentioned level was defended by the bulls with the formation of a pin bar candle pattern at $7.67 support level. It is an indication that bulls are gathering momentum to increase the price. The bullish momentum pushed up the price and broke up $9.72 level. The price may break up resistance level of $12.40.
Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 68 levels bending up to indicate buy signal.
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