Uniswap (UNIUSD) Price May Experience a Bullish Reversal at $4.7 Level

Uniswap may not continue a bearish trend

Uniswap Price Analysis – 24 August

If sufficient buying pressure is present to move past the $4.7 resistance level, the $4.9 and $5.4 resistance levels may be breached. If sellers are successful in driving the price below the $4.5 support level, the price levels of $3.9 and $3.5 will be put to the test. The period 14 relative strength index curves lower at level 30, indicating a sell.

UNI/USD Market

Key Levels:

Resistance levels: $4.7, $4.9, $5.4

Support levels: $4.5, $3.9, $3.5

UNI/USD Long-term Trend: Bearish

Uniswap is moving in a bearish way on the daily Chart. Last two weeks, there was positive pressure on the cryptocurrency. Uniswap was forced upward to overcome resistance at $6.1 and $6.4. When the $6.6 high was tested, the bullish pressure weakened. On August 2, a significant daily bearish candle formed, and the price started to fall. The downturn breached the $5.7, $5.4, and $4.7 previous support levels. Presently, the support level of $4.5 is under pressure.

Trading beneath the two EMAs on Uniswap indicates a bearish trend. If sufficient buying pressure is present to move past the $4.7 resistance level, the $4.9 and $5.4 resistance levels may be breached. If sellers are successful in driving the price below the $4.5 support level, the price levels of $3.9 and $3.5 will be put to the test. The period 14 relative strength index curves lower at level 30, indicating a sell.

UNI/USD Medium-term Trend: Bearish

Uniswap 4-hour chart indicates a bearish bias. After breaking through many barriers, including $6.1 and $6.4, the cryptocurrency encountered resistance at a price of $6.6. When the sellers held the $6.6 resistance level, the price started to decline. The sellers are exerting further pressure, and the price decreased to $4.7 level. At the moment, bulls are trying to oppose bears.

 

Sellers are currently exerting price pressure. Uniswap is now trading below the exponential 9- and 21-period moving averages indicating a sell.

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