Uniswap (UNIUSD) Price May Reduce to $6 Level

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Uniswap Price Analysis – February 03

Further increase in the bears’ pressure to break down the support level of $9, it may lead to price decrease to the support level at $6 and $1.7 levels. In case the bulls defend the support level of $9, Uniswap price may increase to $12, $14 and $16 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $12, $14, $16

Support levels: $9, $6, $1.7

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. The crypto was ranging within the resistance level of $18 and support level of $16 last two weeks. On January 18, the pressure from the sellers increased and the support level of $16 was penetrated. The price decline, broke down $14 and $12 levels. It tested the support level of $9, pulled back to retest the resistance level of $12. The bears is currently exerting more pressure to break down support level of $9.

Uniswap continues trading below the two EMAs which indicates that bears still hold the market. Also the fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). Further increase in the bears’ pressure to break down the support level of $9, it may lead to price decrease to the support level at $6 and $1.7 levels. In case the bulls defend the support level of $9, Uniswap price may increase to $12, $14 and $16 price levels. The Relative Strength Index is bending down at oversold region (20 levels) which indicate a sell signal.

UNI/USD Medium-term Trend: Bearish

On the 4-hour chart, Uniswap is bearish. Immediately after the breakout of the coin from the ranging zone on 18 January, the sellers took over the Uniswap market and the price decline to the support level at $9 after broken down the $14 and $12 levels. There is a tendency that the price may decline further as the bears are exerting more pressure.

Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 40 levels bending down to indicate sell signal.

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.