Uniswap (UNIUSD) Price May Break Up $6.2 Resistance Level

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Buyers’ momentum may increase in Uniswap market

Uniswap Price Analysis – 13 April

In case there is enough buying pressure and the $6.2 resistance level is breached, the $6.6 and $7.2 levels may also be smashed. The $5.1 and $4.9 price levels will be tested if sellers are able to successfully breach the $5.7 support level.

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: Ranging

Uniswap is on the ranging movement in the daily outlook. The bullish momentum was unable to break over the $7.2 resistance level. The Uniswap market has been controlled by sellers for more than a month. On March 11, the price jumped up to retest the $6.6 resistance level after probing the $5.1 support level. The price was decreasing toward the $6.2 support level since there were more sellers. As the sellers increased their pressure on the price last two weeks, the $6.2 ceiling was breached and the price tested $5.7. Throughout last week till now, the price is fluctuating between $6.2 and $5.7 levels.

A modest bullish trend is clearly visible as the currency is fluctuating between the two dynamic resistance levels in the Uniswap market. In case there is enough buying pressure and the $6.2 resistance level is breached, the $6.6 and $7.2 levels may also be smashed. The $5.1 and $4.9 price levels will be tested if sellers are able to successfully breach the $5.7 support level. The Period 14 bending up at 52 levels of the Relative Strength Index suggests bullish momentum, which could be an upturn.

UNI/USD Medium-term Trend: Bullish

Uniswap’s 4-hour chart indicates a bullish bias. A few weeks ago, as the cryptocurrency got close to $7.2, buyer excitement started to fade. The Cryptos backed off. As more suppliers entered the market, the price fell. Price breaks the $6.2 support level, falling much more to $5.7. Buyers and sellers are in antagonism at the aforementioned levels.

Buyers’ pressure is becoming strong and the price may eventually break up $6.2 level. Uniswap is also trading above the 9- and 21-period exponential moving averages. A buy is indicated by the 14-period relative strength index being at 61 levels bending up.

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