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Bears’ pressure is fading in Uniswap market
Uniswap Price Analysis – 16 May
Sell pressure below $6.4 might completely smash the $4.9 and $3.9 support levels. If buyers are able to push the price above the $7.4 resistance level, the $7.9 and $8.2 levels might be checked out again.
UNI/USD Market
Key Levels:
Resistance levels: $7.4, $7.9, $8.2
Support levels: $6.4, $4.9, $3.9
UNI/USD Long-term Trend: Bearish
The daily chart of Uniswap clearly shows a negative trend. On March 6, the coin was tested with the resistance level at $17.5 as the goal. As long as bears maintained the previously set level, the price dropped. The price of cryptocurrency has been declining over the last two days, testing $6.4. It turned around and climbed up to test the $8.2 resistance level. Sellers maintained the previously set standard. The market was driven southward by consumers. As of right moment, the price ranges from $6.4 to $7.4.
The fact that Uniswap is trading above the Hull Suite indicator of cryptocurrency signals suggests a positive trend. Sell pressure below $6.4 might completely smash the $4.9 and $3.9 support levels. If buyers are able to push the price above the $7.4 resistance level, the $7.9 and $8.2 levels might be checked out again.
UNI/USD Medium-term Trend: Bullish
Uniswap’s 4-hour chart indicates an incline movement. As soon as the sellers kept the $17.5 barrier level, price reductions started. Only a few days prior, a great deal of work with price values as high as $17.0 was accomplished, smashing the records of $8.2 and $10.1. When retailers increased their pressure on the customer, this is what transpired. Prices dropped as bears held onto the previously advised level and buyers’ enthusiasm faded near the resistance level of $17.0. Right now, Uniswap is starting to gain strength and it may be the beginning of bullish trend.
At the moment, the price is rising above the dynamic support level. In Uniswap, there is market volatility. The positive QQE MOD indicator histogram suggests a buying position.
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