Sellers’ momentum may increase in Uniswap market
Uniswap Price Analysis – 06 April
The $6.6 and $7.2 levels may also be broken if there is strong buying pressure and the $6.2 resistance level is broken. If the $5.7 support level is successfully breached by sellers, the $5.1 and $4.9 price levels will be probed.
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: Bullish
Uniswap is bullish on the daily outlook. The bulls’ momentum was unable to get over the $7.2 barrier level. Sellers have dominated the Uniswap market for more than a month. After testing the $5.1 support level on March 11, the price shot up to retest the $6.6 resistance level. Considering that there were more sellers, the price was falling toward the $6.2 support level. Last week, the $6.2 ceiling was broken and the price dropped below $5.7 as the sellers applied more pressure to the price. The bulls are currently more than the bears, causing the market to incline.
The currency is trading above the two dynamic resistance levels at close range in the Uniswap market, a weak bullish trend is readily discernible. The $6.6 and $7.2 levels may also be broken if there is strong buying pressure and the $6.2 resistance level is broken. If the $5.7 support level is successfully breached by sellers, the $5.1 and $4.9 price levels will be probed. The Relative Strength Index period 14 bending down at 49 levels indicates bearish momentum which may be a pullback.
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a bearish bias. As the cryptocurrency approached the $7.2 level a few weeks ago, buyer euphoria began to wane. The Cryptos retreated. The price decreased as new vendors entered the market. The price drops even more to $5.7 as soon as it breaches the $6.2 support level. At the aforementioned level, buyers oppose sellers, and this opposition is currently growing and the price reached the $6.2 level. The pullback is ongoing in the Uniswap market.
Buyers’ pressure is becoming weak and the price may eventually pull back. Uniswap is also trading below the 9- and 21-period exponential moving averages. A sell is indicated by the 14-period relative strength index being at 46 levels bending down.
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