Uniswap (UNIUSD) Price: Will There Be a Bullish Breakout at $26 Level?

Uniswap (UNIUSD) Price: Will There Be a Bullish Breakout at $26 Level?

Uniswap Price Analysis – June 17

In case the bears were able to exert pressure to break down the support level of $21, the price may decrease to the support level at $15 and $12 levels. Failure to break down $21 level by the bears, Uniswap price may increase to $26, $30 and $37 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $26, $30, $37

Support levels: $21, $15 $12

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. The bears are still holding the Uniswap market though with low momentum. The bulls’ pressure is trying to push the price above the resistance level of $26 but unable due to the confluence at the level. The bears are yet to accumulate pressure that will be enough to break down the $21 support level. The price is ranging within $26 and $21 levels.

UNIUSD Daily chart, June 17

Uniswap remains below the two EMAs, continue trading below the 9 periods EMA and 21 periods EMA which indicates a bearish momentum. The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). In case the bears were able to exert pressure to break down the support level of $21, the price may decrease to the support level at $15 and $12 levels. Failure to break down $21 level by the bears, Uniswap price may increase to $26, $30 and $37 price levels. However, the Relative Strength Index is bending up at 40 levels which indicate a buy signal.

UNI/USD Medium-term Trend: Ranging

On the 4-hour chart, Uniswap is ranging. The bears lose momentum at the support level of $21 and the bearish movement could not continue. In the same way, the bulls’ momentum is weak and could not break up the resistance level of $26. The price is ranging within $26 and $21 price level.

UNIUSD 4 hour chart, June 17

Uniswap is hovering over the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 50 levels bending down to indicate sell signal which may be a pullback.

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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.