Sellers are exerting more pressure in Uniswap market
Uniswap Price Analysis – October 13
Ability to break down $5.1 price level by the sellers, Uniswap price may decrease to $4.5, and $2.7 levels. In case the bulls were able to defend the support level of $5.1, price may increase towards the resistance levels of $5.7, $6.7 and $7.2.
UNI/USD Market
Key Levels:
Resistance levels: $5.7, $6.7, $7.2
Support levels: $5.1 $4.5, $2.7
UNI/USD Long-term Trend: Bearish
On the long-term outlook, Uniswap is bearish. Bearish momentum continues in the Uniswap market. Two weeks ago, buyers dominated Uniswap market and the resistance level of $6.7 was reached. The just mentioned level holds the price, it pulls back and declining to $5.7. Seller are exerting more pressure at the moment to break down $5.7 level.
Uniswap is trading below the 9 periods EMA and 21 periods EMA which connote an increase in bearish momentum. The fast moving average (9 periods EMA) is crossing the slow moving average (21 periods EMA) downside. Ability to break down $5.1 price level by the sellers, Uniswap price may decrease to $4.5, and $2.7 levels. In case the bulls were able to defend the support level of $5.1, price may increase towards the resistance levels of $5.7, $6.7 and $7.2.
UNI/USD Medium-term Trend: Bearish
On the 4-hour chart, Uniswap is bearish. There was a ranging movement between the resistance level of $6.7 and $5.7 levels last week. Today, it seems sellers are gaining more pressure and the support level of $5.7 may be broken down provided the daily candle close below $5.7 level.
Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 18 levels bending down to indicate sell signal.
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