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The bulls are taken over Uniswap market
Uniswap Price Analysis – 08 December
Further increase in the bulls’ momentum may break up the resistance level of $6.7, this may increase the price to $7.2 and $7.9 resistance levels. Failure of the bulls to break up the resistance level of $6.7, may decrease the Uniswap to $5.7, $5.1, and $4.5 price levels.
UNI/USD Market
Key Levels:
Resistance levels: $6.7, $7.2, $7.9
Support levels: $5.7, $5.1, $4.5
UNI/USD Long-term Trend: Bullish
Uniswap is bullish on the long-term outlook. UNISWAP price was rejected at the support level of $5.1 on 22 November. A candle pattern called bullish engulfing emerged at the same level just mentioned, which acts as a signal to the traders that bulls are ready to push up the price. The price increases and breaks up the resistance level of $5.7. It penetrates the mentioned level and increases slowly toward the resistance level of $6.7.
Uniswap has crossed the two EMAs upside trading above the two dynamic resistance levels is an indication of bullish momentum. The fast-moving average (9-periods EMA) has crossed the slow-moving average (21-periods EMA) upside. Further increase in the bulls’ momentum may break up the resistance level of $6.7, this may increase the price to $7.2 and $7.9 resistance levels. Failure of the bulls to break up the resistance level of $6.7, may decrease the price to $5.7, $5.1, and $4.5 price levels. The Relative Strength Index is bending down at 50 levels indicating bearish momentum.
UNI/USD Medium-term Trend: Bullish
On the 4-hour chart, Uniswap is bullish. A double bottom chart pattern formed at the $5.1 support level on 28 November is an indication that bulls are gathering momentum to increase the price. The bullish momentum is pushing the price toward the resistance level of $6.7. There is a probability that the price may break up the mentioned resistance level after the pullback.
Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 42 levels bending down to indicate a sell signal.
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