Uniswap (UNIUSD) Price May Retests $5.8 Level

Market retracement towards $5.8 level

Uniswap Price Analysis – 03 October

If buying pressure starts to surface again at $7.2, it can break through the resistance levels at $7.9 and $8.8. If sellers manage to breach the $6.8 support level, they may try to reassess the $6.5 and $5.8 levels.

UNI/USD Market

Key Levels:

Resistance levels: $7.2, $7.9, $8.8

Support levels: $6.8, $6.5, $5.8

UNI/USD Long-term Trend: Bullish

Uniswap’s daily chart blatantly displays a bullish reversal indicator. When the currency tested the $5.8 support level on August 5, it was expected to move to the resistance level at $6.8. Bears stuck onto their positions because the price fell to $5.8. Over the past two weeks, the price of cryptocurrencies has risen, reaching $6.8. At that point, it started to increase and tested the $7.2 resistance level once more. The buyers complied with the earlier instruction. The previously mentioned level is still being tested by the market. Right now, it pulled back retesting $6.5 zone.

Uniswap’s trading above the Hull Suite indicator for cryptocurrency signals indicates an upward trend. If buying pressure starts to surface again at $7.2, it can break through the resistance levels at $7.9 and $8.8. If sellers manage to breach the $6.8 support level, they may try to reassess the $6.5 and $5.8 levels.

UNI/USD Medium-term Trend: Bullish

The 4-hour chart of Uniswap shows an upward trend. Price reductions began as soon as the sellers maintained the $6.8 barrier level. A few days ago, significant work was completed, and pricing values were as low as $5.4. This is what happened when retailers put more pressure on their customers. As buyers grow increasingly apprehensive, prices rise at the previously specified level, while bears stay steady at that same level. The Uniswap began to gain traction as the bulls gained steam. However, it has since increased and tested the $7.2 level, pointing to a bullish trend.

The price is currently inclining considerably higher than the dynamic support level. There is less market volatility in Uniswap. The positive QQE MOD signal histogram implies a buy position.

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