Uniswap (UNIUSD) Price: Support Level at $14 Holds, Price Increase Envisaged

Uniswap Price Analysis – July 29

An increase in the bulls’ momentum will break up the resistance level of $21 and this may increase the price to $26 and $30 resistance levels. In case the bears defend the resistance level of $21, Uniswap price may decrease to $14, $12 and $9 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $21, $26, $30

Support levels: $14, $12, $9

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. The price of UNISWAP could not go down further when it reaches the support level of $14 on 20 July. A bullish engulfing candle pattern emerged the following day, which is an indication that bulls are ready to push up the price. The price increases and tested the resistance level of $21. It pulled back to retest the dynamic support levels.

Uniswap has penetrates the two EMAs upside trading above it is an indication of bullish momentum. Also the fast moving average (9 periods EMA) is crossing the slow moving average (21 periods EMA) upside. An increase in the bulls’ momentum will break up the resistance level of $21 and this may increase the price to $26 and $30 resistance levels. In case the bears defend the resistance level of $21, Uniswap price may decrease to $14, $12 and $9 price levels. The Relative Strength Index is bending down at 50 levels indicating sell signal which may be a pullback.

UNI/USD Medium-term Trend: Bullish

On the 4-hour chart, Uniswap is bullish. A pin bar candle pattern formed at $14 support level on 21 July is an indication that bulls are gathering momentum to increase the price. The bullish momentum pushed the price towards the resistance level of $21. There is probability that the price may break up resistance level of $21.

Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 50 levels bending up to indicate buy signal.

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