Sellers continue to dominate Uniswap market
Uniswap Price Analysis – 02 March
The cryptocurrency may breach the $7.9 resistance level and test the $8.9 level if the $7.2 resistance level is broken due to intense buying pressure. In case sellers are successful in breaching the $6.2 support level, the $5.7 and $5.1 price levels may be subject to scrutiny.
UNI/USD Market
Key Levels:
Resistance levels: $6.6, $7.2, $7.9
Support levels: $6.2, $5.7, $5.1
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the daily outlook. Last week, sellers dominated the Uniswap market. The price was decreasing toward the $6.2 support level since there were more sellers. The $7.2 level opposition proved to be a tough barrier for the bulls’ momentum to overcome. The $6.6 level was broken last week when the sellers applied more pressure. As bears gained power, the price is currently going in the direction of the $6.2 support level.
When the currency trades below the two dynamic resistance levels on the Uniswap market, a negative trend is obvious. The cryptocurrency may breach the $7.9 resistance level and test the $8.9 level if the $7.2 resistance level is broken due to intense buying pressure. In case sellers are successful in breaching the $6.2 support level, the $5.7 and $5.1 price levels may be subject to scrutiny. Bearish momentum is shown by the Relative Strength Index period 14 bending down at
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a bearish bias. When the cryptocurrency came closer to the $7.2 barrier level over the past two weeks, purchasers’ euphoria waned. The Cryptos pulled back. As more suppliers entered the market, the price fell. As the $6.6 support level is breached, the price is plunging further.
When the sellers increased their pressure, the price may eventually reach the $6.2 barrier level. The period 14 Relative Strength Index is at 44 levels, indicating a sell, and as Uniswap advances toward the $6.2 support level, it is trading below the 9- and 21-period exponential moving averages.
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