Uniswap (UNIUSD) Price: Will There Be a Bearish Reversal at $9.7 Level?

Updated:

Uniswap Price Analysis – August 11

Price may break up the resistance level of $9.7 provided the bulls’ momentum increase, and it will increase to $12.4 and $15.2 resistance levels. Should the bears defend the resistance level of $9.7, Uniswap price may decline to $7.9, $6.0 and $4.5 price levels

UNI/USD Market

Key Levels:

Resistance levels: $9.7, $12.4, $15.2

Support levels: $7.9, $6.0, $4.5

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. The bulls maintain their position in the Uniswap market. The formation of a bullish pattern called an inverted head and shoulder catalyse a bullish momentum. The bullish pressure pushed the coin to reach the resistance level of $9.7 on July 28. The price pulled back and retested $7.9 level. Since then, price has been ranging within $9.7 and $7.9 levels.

Uniswap is trading above the two EMAs after penetrated the two dynamic resistance level, which is an indication of bullish momentum. The fast moving average (9 periods EMA) remains above the slow moving average (21 periods EMA). Price may break up the resistance level of $9.7 provided the bulls’ momentum increase, and it will increase to $12.4 and $15.2 resistance levels. Should the bears defend the resistance level of $9.7, Uniswap price may decline to $7.9, $6.0 and $4.5 price levels. The Relative Strength Index is bending up at 64 levels indicating buy.

UNI/USD Medium-term Trend: Ranging

On the 4-hour chart, Uniswap is on the ranging movement. The price soared towards the resistance level of $9.7 after the formation of an inverted head and shoulder chart pattern. Bears are defending the level at the moment. Price pulled back to retest the support level of $7.9. The bulls’ and bears’ momentum became weak, thus, ranging movement commences.

Uniswap is trading around the 9 periods EMA and 21 periods EMA. The relative strength index period 14 is at 60 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.