Uniswap (UNIUSD) Price Retests Previous Low at $7.6 Support Level

Updated:

Uniswap Price Analysis – May 05

When the dynamic resistance levels is broken upside, price level may increase to $9.7 and extend to $12.4 resistance levels. In case the bears were able to defend the dynamic resistance level, Uniswap may continue bearish trend towards the support levels of $7.6, $5.2 and $4.5.

UNI/USD Market

Key Levels:

Resistance levels: $9.7, $12.4, $13.8

Support levels: $7.6 $5.2, $4.5

UNI/USD Long-term Trend: Bearish

On the long-term outlook Uniswap is bearish. Last week, sellers’ pressure increased and the significant support level of $7.6 was broken downside and the price face the support level of $5.2. Yesterday’s market was dominated by the bulls and the price is pulling back to retest and break up the $7.6 level.

Uniswap is trading between the 9 periods EMA and 21 periods EMA which indicates a decrease in bearish momentum. The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). When the dynamic resistance levels is broken upside, price level may increase to $9.7 and extend to $12.4 resistance levels. In case the bears were able to defend the dynamic resistance level, Uniswap may continue bearish trend towards the support levels of $7.6, $5.2 and $4.5. The Relative Strength Index is bending up at 42 levels which indicate a buy signal.

UNI/USD Medium-term Trend: Bullish

On the 4-hour chart, Uniswap is bullish. The bears pushed the price down below the support level of $7.6. It seems the bears’ momentum is becoming weak and the bulls are gradually taken over. The price is increasing towards north.  .

Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 61 levels bending up to indicate buy 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.