Uniswap (UNIUSD) Price Pulls Back at $9.7 Level, Further Reduction Envisaged

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Uniswap Price Analysis – August 04

Should the bears defend the resistance level of $9.7, Uniswap price may decline to $7.9, $6.0 and $4.5 price levels. In case the bulls’ momentum increase, price may break up the resistance level of $9.7 and it will increase to $12.4 and $15.2 resistance levels. The Relative Strength Index is bending down at 61 levels indicating sell.

UNI/USD Market

Key Levels:

Resistance levels: $9.7, $12.4, $15.2

Support levels: $7.9, $6.0, $4.5

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. The bulls pushed the price to reach the high of $9.7 on July 28 after the formation of a bullish pattern called an inverted head and shoulder. The bullish pressure could not break up the just mentioned level as the bears defended the level. Dearish daily candles were produced and the price pulled back and tests the support level of $7.9. It seems the bulls are gaining more pressure to push up the price.

Uniswap is trading above the two EMAs after penetrated the two dynamic resistance level, which is an indication of bullish momentum. The fast moving average (9 periods EMA) remains above the slow moving average (21 periods EMA). Should the bears defend the resistance level of $9.7, Uniswap price may decline to $7.9, $6.0 and $4.5 price levels. In case the bulls’ momentum increase, price may break up the resistance level of $9.7 and it will increase to $12.4 and $15.2 resistance levels. The Relative Strength Index is bending down at 61 levels indicating sell.

UNI/USD Medium-term Trend: Bearish

On the 4-hour chart, Uniswap is bearish. After the formation of an inverted head and shoulder chart pattern, the price soared towards north and the resistance level of $9.7 was tested but bears defended the level. Price pulled back to retest the support level of $7.9. At the moment, bears are dominating the market.

Uniswap is trading between the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 51 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.