Bulls are exerting more pressure in Uniswap market
Uniswap Price Analysis – 09 November
If there is sufficient buying pressure to break through the $5.4 resistance level, the $5.7 and $6.1 resistance levels might be smashed. If sellers are successful in driving the price below the $5.1 support level, the price levels of $4.7 and $4.5 will be put to the test.
UNI/USD Market
Key Levels:
Resistance levels: $5.4, $5.7, $6.1
Support levels: $5.1, $4.7, $4.5
UNI/USD Long-term Trend: Bullish
Uniswap’s daily chart shows a clear increasing trend. At the moment, buyers are keeping the market from falling below the $4.0 barrier. The cryptocurrency was under bearish pressure last month. At $4.0, the price found support. When the $4.0 low was tested, the bearish frenzy subsided. A large bullish daily candle emerged on November 1st, and the price started to rise. The $4.5 resistance level before the slide was destroyed. The price is currently rising quickly in the direction of the $5.4 resistance level.
An indication of a positive trend is Uniswap trading above the two EMAs. If there is sufficient buying pressure to break through the $5.4 resistance level, the $5.7 and $6.1 resistance levels might be smashed. If sellers are successful in driving the price below the $5.1 support level, the price levels of $4.7 and $4.5 will be put to the test. The period 14 relative strength indicator forms an upward arch at level 70, indicating a buy.
UNI/USD Medium-term Trend: Bullish
The 4-hour Uniswap chart is trending upward. Once the sellers maintained the $4.5 barrier level, the price started to incline. On October 17, after it surmounted numerous challenges, including those with price points of $4.7 and $4.5, the high of $5.1 was tested. Increased pressure from buyers led to this outcome. After gaining momentum, the just-mentioned level was penetrated and exposed to $5.4 level.
Right now, price pressure is being driven by buyers. The relative strength index period 14 positive trend at level 67 indicates a buy signal.
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