Uniswap (UNIUSD) Price May Decline Further After a Pullback

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Bears dominate Uniswap market

Uniswap Price Analysis – 17 November

An increase in the bulls’ momentum will increase Uniswap, and the resistance level of $6.7 may be broken upside in which price may be increased to the resistance levels at $7.2 and $7.9. In case the sellers exert more pressure, Uniswap price may reduce to $5.7, $5.1, and $4.5 price levels. The Relative Strength Index is bending up at 45 levels indicating a buy signal.

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: Bearish

Uniswap is bearish on the long-term outlook. After the formation of the double pattern at $5.1 support level, the price increased and tested the resistance level of $7.9. The crypto could not break up the just-mentioned level as the buyers’ momentum became weak. At the resistance level of $7.9, a bearish engulfing candle formed and the price obeyed the command, The price declined and tested the support level of $4.5 on 09 November. The price is currently pulling back, testing the dynamic resistance level.

The fast-moving average (9-periods EMA) is below the slow-moving average (21-periods EMA). Uniswap is trading between the two EMAs. An increase in the bulls’ momentum will increase the price, and the resistance level of $6.7 may be broken upside in which the price may be increased to the resistance levels at $7.2 and $7.9. In case the sellers exert more pressure, Uniswap price may reduce to $5.7, $5.1, and $4.5 price levels. The Relative Strength Index is bending up at 45 levels indicating a buy signal.

UNI/USD Medium-term Trend: Bearish

On the 4-hour chart, Uniswap is bearish. The bullish movement which commenced at the support level of $5.7 could not continue when it reached the resistance level of $7.9. Sellers took over the market with the formation of more bearish candles. Sellers’ pressure pushed down the price to the low of $4.5 support level. Further price reduction is possible after a pullback.

Uniswap is trading below the 9-periods EMA and 21-periods EMA, the relative strength index period 14 is at 47 levels bending down to indicate sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.