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Sellers’ momentum may increase in Uniswap market
Uniswap Price Analysis – 6 July
In case there is sufficient buying pressure to move past the $5.7 resistance level, then the $6.1 and $6.4 resistance levels may be broken. If sellers are successful in driving the price below the $5.4 support level, the price levels of $5.1 and $4.9 will be put to test.
UNI/USD Market
Key Levels:
Resistance levels: $5.7, $6.1, $6.4
Support levels: $5.4, $5.1, $4.9
UNI/USD Long-term Trend: Bullish
Uniswap is moving in a bullish direction in the Daily Chart. The resistance level of $5.7 was tested last week and the price pulled back to retest the support level of $5.4. On 10 June, a bearish trend ended when the price reached the $3.9 level. The price rebounded as the bulls defended the just-mentioned level. The resistance level of $4.9 was penetrated by the bulls’ pressure. The bullish momentum increased and the resistance level of $5.1 was breached and the price tested the $5.7 resistance level. Price retracement is ongoing.
Uniswap is trading above the two EMAs, which is an indication of a bullish movement. In case there is sufficient buying pressure to move past the $5.7 resistance level, then the $6.1 and $6.4 resistance levels may be broken. If sellers are successful in driving the price below the $5.4 support level, the price levels of $5.1 and $4.9 will be put to the test. The period 14 relative strength index curve bends down at level 58, indicating a sell signal.
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a bearish bias. On June 10th, the cryptocurrency tested the $3.5 support level. The preceding level was successfully held by the bulls, who then mounted. Strong bullish candles appeared as a result of an increase in the bulls’ pressure breaking through the $4.9 resistance level, which caused the price to rise and breach the $5.1 barrier level. A coin peaked at $5.7 before declining.
Sellers’ pressure is currently being applied to the price. Uniswap is currently trading below the exponential moving averages of 9 and 21 periods moving average.
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