Uniswap (UNIUSD) Price May Further Decrease to $24 Support Level

Uniswap (UNIUSD) Price May Further Decrease to $24 Support Level

Uniswap Price Analysis – April 01

In case the resistance level of $29 do not hold, the resistance level of $34 and $39 may be tested. If the resistance level of $29 hold, the price will continue its bearish trend towards the support level at $24, $21 and $17.

UNI/USD Market
Key Levels:

Resistance levels: $29, $34, $39

Support levels: $24, $21, $17

UNI/USD Long-term Trend: Bearish

On the long-term outlook Uniswap is bearish. Last week, the bulls are holding to the Uniswap market; and the price retest the resistance level at $34. This make it to be the second touch, the mentioned level hold the price and it decreases towards the support level of $24 after breaking down the $29 level. The bulls’ and the bears’ momentum become equilibria and Uniswap commences consolidation movement near $29 price level.

UNIUSD daily chart, April 01

Uniswap is trading below the 9 periods EMAs and the 21 periods EMA at close contact and the two EMAs are interlocked to each other, which indicate that price consolidation is in progress. In case the resistance level of $29 do not hold, the resistance level of $34 and $39 may be tested. If the resistance level of $29 hold, the price will continue its bearish trend towards the support level at $24, $21 and $17. The Relative Strength Index is bending up at 40 levels which connotes an increase in Uniswap price.

UNI/USD Medium-term Trend: Bullish

The coin is on the bearish movement in the medium-term outlook. The price action on the 4-hoiur chart has form a “double top” chart pattern. This is a bearish signal; the price descends and penetrate the $29 price level downside. Bearish trend is interrupted by the bulls but the barrier at $29 level holds. Uniswap is currently consolidating around $29 price level.

UNIUSD 4-hour chart, April 01

Uniswap is hovering over and around the two EMAs as a sign of ranging movement. However, the relative strength index period 14 is pointing up at 50 levels indicates a buy signal.

 

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.