Sellers may continue to dominate Uniswap market
Uniswap Price Analysis – 23 February
When the $7.2 resistance level is broken owing to strong buying pressure, Uniswap may break the $7.9 resistance level and challenge the $8.9 level. The $6.2 and $5.7 price levels may come under investigation if the sellers are successful in breaking through the $6.6 support level
UNI/USD Market
Key Levels:
Resistance levels: $7.2, $7.9, $8.9
Support levels: $6.6, $6.2, $5.7
UNI/USD Long-term Trend: Bullish
Uniswap is bullish on the daily outlook. Uniswap market was dominated by buyers last week. Since there were more buyers, the price was rising toward the $7.2 resistance level. The resistance at the $7.2 level proved to be a formidable obstacle for the bulls’ momentum to get through. When the sellers increased their pressure yesterday, the $6.6 level was retested, but it held. The price is currently going toward the $7.2 resistance level as bulls regained strength.
A bullish trend is evident when the coin trades above the two dynamic resistance levels on the Uniswap market. When the $7.2 resistance level is broken owing to strong buying pressure, the cryptocurrency may break the $7.9 resistance level and challenge the $8.9 level. The $6.2 and $5.7 price levels may come under investigation if the sellers are successful in breaking through the $6.6 support level. The Relative Strength Index period 14 bending down at 54 levels indicates bearish momentum.
UNI/USD Medium-term Trend: Bullish
Uniswap’s 4-hour chart indicates a bullish bias. The excitement of the buyers decreased as the cryptocurrency got closer to the $7.2 barrier level last week. The Cryptos withdrew. The price decreased as new vendors entered the market. The price dropped further, testing the $6.6 support level.
When the buyers increased their pressure, price may eventually pass through the $7.2 barrier level. The period 14 Relative Strength Index is at 48 levels, indicating a buy, and as Uniswap advances toward the $7.2 resistance level, it is trading above the 9- and 21-period exponential moving averages.
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