Uniswap (UNIUSD) Price Penetrates $21 Resistance Level, Heading Towards $26 Level

Azeez Mustapha
5 August 2021 | Updated: 5 August 2021

Uniswap Price Analysis – August 05

Further increase in the bulls’ momentum will penetrate the resistance level of $26 and this may increase the price to $30 and $37 resistance levels. In case the bears defend the resistance level of $26, Uniswap price may decrease to $21, $14 and $12 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $26, $30, $37

Support levels: $21, $14, $12

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. The crypto continue to obey the command of the buyers since the day it found support at the $14 price level on 20 July. UNISWAP could not go down further at the support level of $14. The bullish engulfing candle pattern formed at the mentioned level triggers the bullish movement. The price increases and penetrate the resistance level of $21 and currently increasing towards the resistance level of $26.

UNIUSD daily chart, August 05

Uniswap is trading above the two EMAs as an indication of bullish momentum. Also the fast moving average (9 periods EMA) has crossed the slow moving average (21 periods EMA) upside. Further increase in the bulls’ momentum will penetrate the resistance level of $26 and this may increase the price to $30 and $37 resistance levels. In case the bears defend the resistance level of $26, Uniswap price may decrease to $21, $14 and $12 price levels. The Relative Strength Index is bending down above 60 levels indicating sell signal which may be a pullback.

UNI/USD Medium-term Trend: Bullish

Uniswap is bullish on the 4-hour chart. After the pin bar candle pattern formed at $14 support level, the bulls gathered momentum to increase the price. The bullish momentum pushed the price and break up the resistance level of $21. It is currently heading towards the resistance level of $26.

UNIUSD 4 hours, August 05

Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is above 60 levels bending down to indicate sell signal which may be a pullback.

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Azeez Mustapha

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.