Uniswap (UNIUSD) Price Tests a Potential Reversal Level

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Uniswap Price Analysis – September 02

When the bears defend the resistance level of $31, the price may reduce towards the support levels of $22, $15 and $12.An increase in the bulls’ momentum may penetrate $31 resistance level which may expose the price to $34 and $39 resistance levels.

UNI/USD Market

Key Levels:

Resistance levels: $31, $34, $39

Support levels: $22, $15, $12

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. The bulls dominates market shortly after the price action formed a double bottom chart pattern at the support level of $15. The price reached the high of $31 resistance level last week. It pulls back to retest the dynamic support levels but later returned to bullish trend and the price tested the resistance level of $31 second time yesterday. Today, the bears opens the market, the price may decline.

Uniswap is trading above the 9 periods EMA and 21 periods EMA which is an indication of bullish momentum. The fast moving average (9 periods EMA) is above the slow moving average (21 periods EMA). When the bears defend the resistance level of $31, the price may reduce towards the support levels of $22, $15 and $12.An increase in the bulls’ momentum may penetrate $31 resistance level which may expose the price to $34 and $39 resistance levels. However, the Relative Strength Index is pointing down at 60 levels indicating sell signal.

UNI/USD Medium-term Trend: Bullish

Uniswap is bullish on the 4-hour chart. The bullish momentum continue to increase steadily after the formation of the double bottom chart pattern at the support level of $15. This made the price to penetrate the resistance level of $22. The resistance level of $31 was tested on August 16, it pulls back and retested the just mentioned level today and it is currently pulling back.

Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 60 levels bending down to indicate sell signal.

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