Uniswap Price Analysis – October 07
The breakup of the $26 resistance price level may increase the price to $30 and $37 resistance levels. Failure to break up the resistance level of $26 by the bulls may result to continuation of ranging market or bearish reversal towards the support levels at $21, $17 and $14.
UNI/USD Market
Key Levels:
Resistance levels: $26, $30, $37
Support levels: $21, $17, $14
UNI/USD Long-term Trend: Bullish
Uniswap is bullish on the long-term outlook. The buyers successfully pushed Uniswap to the resistance level of $26 last week. Several attempts was made to break up the mentioned level. There was a partial breakout but the bullish momentum could not sustain the movement. At the moment, the price is struggling to break up the resistance level of $26 as the daily bullish candle opens the market today.
Uniswap is trading above the 9 periods EMA and 21 periods EMA which is an indication of bullish movement. The fast moving average (9 periods EMA) has crossed the slow moving average (21 periods EMA). The breakup of the $26 resistance price level may increase the price to $30 and $37 resistance levels. Failure to break up the resistance level of $26 by the bulls may result to continuation of ranging market or bearish reversal towards the support levels at $21, $17 and $14.
UNI/USD Medium-term Trend: Ranging
Uniswap is ranging on the 4-hour chart. There was no significant movement in the Uniswap market last week. The price pulls back after the breakout at the resistance level of $26 with the formation of bearish engulfing candle. The coin is consolidating around the $26 price level.
Uniswap is trading above the 9 periods EMA and 21 periods EMA at close distance, the relative strength index period 14 is above 50 levels bending up to indicate buy signal.
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