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Uniswap market may decrease further
Uniswap Price Analysis – 04 January
The resistance levels for Uniswap at $7.2 and $7.9 can be completely broken if the buying pressure stays above $6.8. If sellers are successful in bringing the price below the $6.5 support level, the price levels of $5.8 and $5.4 will be tested.
UNI/USD Market
Key Levels:
Resistance levels: $6.8, $7.2, $7.9
Support levels: $6.5, $5.8, $5.4
UNI/USD Long-term Trend: Bearish
Uniswap’s daily chart unmistakably displays a negative trend. The cryptocurrency has been under positive pressure for the last two weeks. The market was driven northward by customers. The prior resistance level of $6.8 was destroyed before last week’s climb. The price encountered resistance at $6.8. When the $6.8 high was questioned, the depressing excitement subsided. After a large bullish daily candle developed on December 11, the price started to rise again and reached $7.9. At the $7.9 level, a double-top chart pattern developed, and the price began to decline. The market is currently trying to breach below the $6.5 threshold.
A bearish trend is indicated by the way Uniswap is trading with the two EMAs. The resistance levels at $7.2 and $7.9 can be completely broken if the buying pressure stays above $6.8. If sellers are successful in bringing the price below the $6.5 support level, the price levels of $5.8 and $5.4 will be tested. The period 14 relative strength indicator forms an upward arch at level 47, indicating a sell.
UNI/USD Medium-term Trend: Bearish
The 4-hour chart of Uniswap shows a downward trend. As soon as the suppliers maintained the barrier level at $7.9, the price started to decrease. On December 28, after several projects, some with price values of $7.2, were completed, the low of $7.2 was broken lower. This resulted from increased pressure from sellers. The level that was previously created is broken as momentum picks up, exposing Uniswap to the $6.5 level. Right now, the uniswap market is facing $5.8 level.
Right now, sellers are on the increase. A sell signal is shown by the relative strength index period 14’s negative trend at level 42 which is a bearish trend.
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