Uniswap (UNIUSD) Price Retest $4.7 Level, Bullish Trend May Be Restored

Buyers’ momentum may increase further in Uniswap market

Uniswap Price Analysis – 28 June

The $5.1 and $5.7 resistance levels may be breached if there is enough buying pressure to move past the $4.9 resistance level. The price levels of $4.5 and $3.9 will be tested if sellers are able to push the price below the $4.7 support level.

UNI/USD Market

Key Levels:

Resistance levels: $4.9, $5.1, $5.7

Support levels: $4.7, $4.5, $3.9

UNI/USD Long-term Trend: Bullish

Uniswap is moving in a bullish direction in the Daily Chart. On April 19, a bearish trend commenced when the price reached $6.4. The support level of $3.9 was reached on 10 June. UNIUSD bounced up as the bulls defended the just-mentioned level. The resistance level of $4.5 has turned to the support level. The bullish momentum increased and the resistance level of $4.7 was penetrated and the price increased to $5.4 resistance level. It bounced off the level and pulled back to retest $4.7 level. Bulls are returning into the market for further price increases.

As evidence of bullish movement Uniswap is trading above the two EMAs. The $5.1 and $5.7 resistance levels may be breached if there is enough buying pressure to move past the $4.9 resistance level. The price levels of $4.5 and $3.9 will be tested if sellers are able to push the price below the $4.7 support level. A buy signal is immediately discernible as the period 14 relative strength index curve bends up at level 52.

UNI/USD Medium-term Trend: Bullish

 

Uniswap’s 4-hour chart indicates a bullish bias. The crypto tested the support level of $3.5 on 10 June. The bulls successfully defended the previous level and then rose. An increase in the bulls’ pressure broke through the $3.9 resistance level, and strong bullish candles emerged which made the price increase and broke up the $4.9 resistance level. A cryptocurrency reached $5.4 level and pulled back. The $4.7 support level was tested and is turning back as buyers dominate.

Buyers’ pressure is currently being applied to the price. Uniswap is currently trading above the exponential moving averages of 9 periods.

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