Uniswap (UNIUSD) Price May Retest Previous Low Level at $4.5

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Bears dominate Uniswap market

Uniswap Price Analysis – 24 November

An increase in the bears’ momentum will decrease the price, and the support level of $5.1 may be broken downside in which the price may be decreased to the support levels at $4.5 and $3.4. In case the buyers exert more pressure to defend the support level of $5.1, Uniswap price may increase to $5.7, $6.7, and $7.2 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $5.7, $6.7, $7.2

Support levels: $5.1, $4.5, $3.4

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. The price of Uniswap increased and tested the resistance level of $7.9 after the formation of a double bottom chart pattern at the $5.1 support level. The sellers defend the mentioned level and bullish momentum could not break up the just-mentioned resistance level. The price declines and tested the support level of $4.5 after the formation of bearish engulfing candles. The price pulled back to retest the dynamic resistance level. At the moment the seller is returning the price to the previous low of $4.5.

The fast-moving average (9-periods EMA) is below the slow moving average (21-periods EMA). Uniswap is trading below the two EMAs. An increase in the bears’ momentum will decrease the price, and the support level of $5.1 may be broken downside in which the price may be decreased to the support levels at $4.5 and $3.4. In case the buyers exert more pressure to defend the support level of $5.1, Uniswap price may increase to $5.7, $6.7, and $7.2 price levels. The Relative Strength Index is bending down at 42 levels indicating a sell signal.

UNI/USD Medium-term Trend: Bearish

On the 4-hour chart, Uniswap is bearish. When the coin reached the resistance level of $7.9, the bullish movement could not continue. Bears dominate the market with the production of more bearish candles. Sellers’ pressure pushed down the price to the low of $4.5 support level. Further price reduction is possible as bears’ momentum is restored after a pullback.

Uniswap is trading below the 9-periods EMA and 21-periods EMA, the relative strength index period 14 is at 48 levels bending down to indicate a 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.