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Sellers’ momentum increases in Uniswap market
Uniswap Price Analysis – 08 June
When there is sufficient buying pressure to surpass the $4.7 resistance level, the $4.9 and $5.1 resistance levels might be broken. If sellers are successful in driving Uniswap below the $4.5 support level, the price levels of $3.4 and $3.0 will be put to the test.
UNI/USD Market
Key Levels:
Resistance levels: $4.7, $4.9, $5.1
Support levels: $4.5, $3.4, $3.0
UNI/USD Long-term Trend: Bearish
Uniswap is moving in a bearish direction in the daily view. On the daily chart, a descending channel has already developed. The upward momentum was reversed at the $6.6 resistance level. For more than a month, sellers have controlled the Uniswap market. The price fell below the $4.9 threshold and the $5.1 level throughout the previous three weeks as the sellers increased their pressure. For the past week, the price has been below the prior level and has now crossed the $4.7 barrier. Right now, the cost is as low as $4.5.
The two EMAs are being crossed by Uniswap. If there is sufficient buying pressure to surpass the $4.7 resistance level, the $4.9 and $5.1 resistance levels might be broken. If sellers are successful in driving prices below the $4.5 support level, the price levels of $3.4 and $3.0 will be put to the test. When the period 14 relative strength index bends lower at level 31, a sell signal is clearly visible.
UNI/USD Medium-term Trend: Bearish
Uniswap’s 4-hour chart indicates a bearish bias. A downward price movement channel has formed. As the price crept up above $6.6 a few weeks ago, the euphoria among cryptocurrency buyers started to wane. The price of the cryptocurrency decreased as more sellers entered the market. The price falls all the way to $4.9 after breaching the $5.1 support level. Currently, the price is moving away from the $4.5 level as buyers react to the decline.
Presently, sellers are exerting pressure on the price. Uniswap is currently trading just below both the 9-period and 21-period exponential moving averages.
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