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Uniswap (UNIUSD) Price May Commence Bullish Movement

Azeez Mustapha
Updated 1 min read
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Uniswap Price Analysis – January 20

When the support level of $14 is tested and broken downside, price level may decrease to $12 and $9 support levels. In case the bulls were able to defend the support level of $14, Uniswap may bounce up towards the resistance levels of $16, $18 and $19.

UNI/USD Market

Key Levels:

Resistance levels: $16, $18, $19

Support levels: $14 $12, $9

UNI/USD Long-term Trend: Bearish

On the long-term outlook Uniswap is bearish. Last week, the crypto was trying to form a double bottomed chart pattern. The buyers of Uniswap were set to push up the price. It started increasing towards the $18 resistance levels but the sellers opposed the bullish movement at the just mentioned resistance level on January 17. The price is currently decreasing towards the support level at $14.

UNIUSD Daily chart, January 20

There is an indication that the bears’ momentum is increasing as Uniswap is trading below the 9 periods EMA and 21 periods EMA. The fast moving average (9 periods EMA) is crossing the slow moving average (21 periods EMA) downside. When the support level of $14 is tested and broken downside, price level may decrease to $12 and $9 support levels. In case the bulls were able to defend the support level of $14, Uniswap may bounce up towards the resistance levels of $16, $18 and $19. The Relative Strength Index is bending up at 40 levels which indicate a buy signal.

UNI/USD Medium-term Trend: Bearish

On the 4-hour chart, Uniswap is bearish. The resistance level of $18 stand as a barrier to the bulls. The bears opposed the price increase which started two weeks ago. The bulls lose momentum at $18 price level and the bears took over the market. The crypto is currently moving towards the previous low at $14 price level.

UNIUSD 4-hour chart, January 20

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

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