Uniswap (UNIUSD) Price: Resistance Level of $34 May Hold

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Uniswap Price Analysis – March 11

In case the bears were able to push down the price below the $29 price level, and the daily candle closes below the support level, then, the support level at $24 and $21 may be reached. Failure to break down the support level at $29, the price may continue its bullish trend towards the resistance level at $34, $39, and $42

UNI/USD Market

Key Levels:

Resistance levels: $34, $39, $42

Support levels: $29, $24, $21

UNI/USD Long-term Trend: Bullish

On the long-term outlook, Uniswap is bullish. The bullish momentum pushed up the price to the high of $34 on March 07. The resistance level holds the coin and this prevents the breakup of the mentioned resistance level. The bears are gaining more pressure and the price is declining at the moment towards the support level at $29.

The 9 periods EMA retain its position above the 21 periods EMA and the coin is trying to break down the two dynamic support levels which indicate that the bears are gradually dominating the market. In case the bears were able to push down the price below the $29 price level, and the daily candle closes below the support level, then, the support level at $24 and $21 may be reached. Failure to break down the support level at $29, the price may continue its bullish trend towards the resistance level at $34, $39, and $42. The Relative Strength Index is bending down at 60 levels connotes an increase in the bears’ pressure.

UNI/USD Medium-term Trend: Bearish

The coin is on the bearish movement. The bullish trend was restored two weeks ago when the price tested the support level of $19 on February 23. The bullish momentum placed the price at the resistance level of $34. The sellers defended the significant level of $34 and the price is pulling back towards the support level of $29 at the moment.

The 9 periods EMA has crossed the 21 periods EMA downside and the price is trading below the two EMA as an indication of the bearish trend.