Uniswap (UNIUSD) Price Retests Previous Low Level at $9.72

Updated:

Uniswap Price Analysis – April 07

The breaking down of the $9.72 support level will make the coin to target the $7.65 and $4.0 support levels. Failure to break down the support level of $9.72 may increase the price to previous high at $12.40, $13.87 and $15.98 resistance levels. The Relative Strength Index is pointing up at 46 levels indicating buy.

UNI/USD Market

Key Levels:

Resistance levels: $12.40, $13.87, $15.98

Support levels: $9.72, $7.65, $4.0

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. The pin bar formed when UNISWAP tested the support level of $7.65 on February 24 triggered the bullish momentum. Follow the scenario is the formation of a bullish reversal candle pattern called bullish engulfing candle. The price started increasing towards the resistance level of $12.40 after penetrating the $9.72 level. On April 04, the bears opposed the bulls at $12.40 level and the price is currently decreasing to retest the support level of $9.72.

Uniswap has penetrate the two EMAs downside and it is trading below the two EMAs as an indication of bearish momentum. The fast moving average (9 periods EMA) is bending towards the slow moving average (21 periods EMA). The breaking down of the $9.72 support level will make the coin to target the $7.65 and $4.0 support levels. Failure to break down the support level of $9.72 may increase the price to previous high at $12.40, $13.87 and $15.98 resistance levels. The Relative Strength Index is pointing up at 46 levels indicating buy.

UNI/USD Medium-term Trend: Bearish

On the 4-hour chart, Uniswap is bearish. The coin was on the bullish trend last week. The price was increasing and broke up the former resistance level of $9.72. The bullish momentum increased and the price reached the resistance level of $12.40. The bulls’ momentum could not break the level upside. It consolidates for short period and the bears’ pressure increases which led to the declination of the price towards the support level of $9.72.

4hours 8

Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 32 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.