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Sellers’ momentum may increase in Uniswap market
Uniswap Price Analysis – 01 June
Uniswap levels of $4.7 and $4.5 will be put to the test if sellers are successful in lowering prices below the $4.9 support level. The $5.7 and $6.4 resistance levels might be broken if there is enough purchasing pressure to get past the $5.1 resistance level.
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
In the daily view, Uniswap is moving in a bearish direction. A descending channel has already formed on the daily chart. The $6.6 resistance level reversed the upward momentum. The Uniswap market has been dominated by sellers for more than a month. As the sellers applied further pressure during the preceding three weeks, the price dropped below the $6.4 barrier and $5.7 level. The price has been below the previous level for the past week and has crossed the $5.1 threshold. The price is currently at a low of $4.9.
Uniswap is traversing the two EMAs. The $5.7 and $6.4 resistance levels might be broken if there is enough purchasing pressure to get past the $5.1 resistance level. The price levels of $4.7 and $4.5 will be put to the test if sellers are successful in lowering prices below the $4.9 support level. A sell signal is evident when the period 14 relative strength index bends lower at level 41.
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a bearish bias. The price movement has developed a downward channel. A few weeks ago, as the price crept up to $6.6, the excitement among cryptocurrency investors began to evaporate. As more sellers entered the market, the price of the cryptocurrency dropped. The price breaks through the $5.7 support level and drops all the way to $5.1. The price is currently falling away from the $ 5.1 level as sellers respond to the fall.
Presently, sellers are exerting pressure on the price. Uniswap is currently trading just below both the 9-period and 21-period exponential moving averages.
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