Uniswap (UNIUSD) Price May Experience a Bullish Reversal at $4.9 Support Level

Buyers’ momentum may increase in Uniswap market

Uniswap Price Analysis – 11 May

The $4.7 and $4.5 support levels may also be shattered if there is enough selling pressure to break the $4.9 support level. If buyers are able to overcome the $5.1 resistance level, price levels of $5.7 and $6.4 will be put to test.

UNI/USD Market

Key Levels:

Resistance levels: $5.1, $5.7, $6.4

Support levels: $4.9, $4.7, $4.5

 

UNI/USD Long-term Trend: Bearish

Uniswap is on the bearish movement in the daily outlook. The upward trend was unable to break through the $6.6 resistance level. Sellers have been in charge of the Uniswap market for more than a month. On March 11, the price jumped up to retest the $6.6 resistance level after probing the $5.1 support level. The price crossed the $6.4 ceiling over the last three weeks as the sellers increased their pressure, and it threatened to go as low as $5.7. Over the past week, the price has been below the previously mentioned level and has tested the $5.1 mark. Last week, $5.1 level was penetrated and the price exposes to $4.9 level.

The two dynamic resistance levels are still being traded below by Uniswap. The $4.7 and $4.5 support levels may also be shattered if there is enough selling pressure to break the $4.9 support level. If buyers are able to overcome the $5.1 resistance level, price levels of $5.7 and $6.4 will be put to test. The period 14 relative strength index is bending up at 37 levels, which is a buy signal.

 

UNI/USD Medium-term Trend: Bearish

Uniswap’s 4-hour chart indicates a bearish bias. As the price got closer to $6.6 a few weeks ago, the enthusiasm of cryptocurrency investors started to diminish. The Crypto backed off. As more vendors entered the market, the price fell. The price falls all the way to $5.7 after breaching the $6.4 support level. The sellers drove the price down to the $5.1 support level, later, $4.9 level was tested.

At the moment buyers are putting more pressure on the price, which may eventually lead to a bullish reversal. Uniswap is currently trading just a little bit above the 9- and 21-period exponential moving averages. A buying signal is provided by the 14-period relative strength index bending up at 53 levels

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