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Uniswap Price Analysis – October 28
When there is a breakup at the $27 resistance level, price may increase to $30 and $37 resistance levels. In case the bulls could not break up the resistance level of $27, continuation of ranging market is possible or there will be a bearish breakout at the support levels of $21 which may reduce to $17 and $14.
UNI/USD Market
Key Levels:
Resistance levels: $27, $30, $37
Support levels: $21, $17, $14
UNI/USD Long-term Trend: Ranging
Uniswap is ranging on the long-term outlook. The resistance level of $27 was defended by the bulls last week, likewise, the support level of $21 holds and the bears’ pressure could not withstand it. The coin trades within the range of $27 resistance level and $21 support level. Until the price break out either to the south or to the north the ranging movement may continue. However, the pressure of the bears is increasing and there is tendency for bearish breakout at $21 support level.
At the moment, Uniswap is trading below the 9 periods EMA and 21 periods EMA which indicate a bearish movement. The fast moving average (9 periods EMA) is trying to cross the slow moving average (21 periods EMA). When there is a breakup at the $27 resistance level, price may increase to $30 and $37 resistance levels. In case the bulls could not break up the resistance level of $27, continuation of ranging market is possible or there will be a bearish breakout at the support levels of $21 which may reduce to $17 and $14.
UNI/USD Medium-term Trend: Ranging
Uniswap is ranging on the 4-hour chart. The Coin bounced up from the support level of $17 with the formation of strong bullish candle. This is what brought about an increase in price, the resistance level of $21 was broken upside and tested the resistance level of $27. The just mentioned level holds and the bulls could not penetrate easily. Coupled with low bearish momentum, the price resolves to range movement.
Uniswap is trading below the 9 periods EMA and 21 periods EMA after crossing the two downside within the range. The relative strength index period 14 is at 30 levels bending down to indicate sell signal.
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