Uniswap (UNIUSD) Price May Retest Previous Low of $6.0 Support Level

Updated:

Uniswap Price Analysis – August 18

When the support level of $8.1 is broken downside, price level may decrease to $6.0 and $4.5 support levels. In case the bulls were able to defend the support level of $8.1, Uniswap may bounce up towards the resistance levels of $9.7, $12.4 and $13.6. The Relative Strength Index is bending down at 47 levels which indicate a sell signal.

UNI/USD Market

Key Levels:

Resistance levels: $9.7, $12.4, $13.6

Support levels: $8.1, $6.0, $4.5

UNI/USD Long-term Trend: Bearish

On the long-term outlook Uniswap is bearish. The coin found resistance at $9.7. On July 28, Sellers interrupts the price increase at the same level and the price started decreasing. Sellers are gathering momentum to push down price. The price is currently struggling to break down the support level of $8.1. More bearish candles are producing and the price may going down accordingly.

Uniswap is trading below the 9 periods EMA and 21 periods EMA which indicates an increase in bearish momentum. The fast moving average (9 periods EMA) is crossing the slow moving average (21 periods EMA) downside. When the support level of $8.1 is broken downside, price level may decrease to $6.0 and $4.5 support levels. In case the bulls were able to defend the support level of $8.1, Uniswap may bounce up towards the resistance levels of $9.7, $12.4 and $13.6. The Relative Strength Index is bending down at 47 levels which indicate a sell signal.

UNI/USD Medium-term Trend: Ranging

On the 4-hour chart, Uniswap is ranging. The bears opposed the price increase which started two weeks ago. The bulls lose momentum at $9.7 price level and the bears are taking over the market. The crypto decreases and it is trying to break down $8.1 level. It is currently consolidating at the just mentioned level.

Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 37 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.