Uniswap (UNIUSD) Price: Will There Be a Bullish Reversal at $5.7 Level?

Azeez Mustapha

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Buyers’ momentum may increase further in Uniswap market

Uniswap Price Analysis – 30 March

In case there is significant buying pressure and the $6.2 resistance level is overcome, the $6.6 and $7.2 levels may also be broken. The $5.1 and $4.9 price levels will be examined if sellers are successful in breaching the $5.7 support level.

UNI/USD Market

Key Levels:

Resistance levels: $6.2, $6.6, $7.2

Support levels: $5.7, $5.1, $4.9

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the daily outlook. The $7.2 barrier level was too much for the bulls’ momentum to overcome. During the past five weeks, sellers have dominated the Uniswap market. On March 11, the price surged up to retest the resistance level of $6.6 after the $5.1 support level was tested. The price was decreasing toward the $6.2 support level since there were more sellers. As the sellers increased their pressure on the price last week, the $6.2 ceiling was broken and the price lowered below $5.7.The market is currently experiencing a pullback as the bulls are opposing the bears.

The currency is trading below the two dynamic resistance levels at close range in the Uniswap market, a weak bearish trend is readily discernible. In case there is significant buying pressure and the $6.2 resistance level is overcome, the $6.6 and $7.2 levels may also be broken. The $5.1 and $4.9 price levels will be examined if sellers are successful in breaching the $5.7 support level. Bullish momentum is shown by the Relative Strength Index period 14 bending up at 46 levels.

UNI/USD Medium-term Trend: Bullish

Uniswap’s 4-hour chart indicates a bullish bias. The excitement among buyers started to dwindle a few weeks ago as the cryptocurrency got close to the $7.2 mark. The Cryptos pulled back. As more suppliers entered the market, the price fell. As the price breaks through the $6.2 support level, it begins to decline even more to $5.7 level. Buyers oppose sellers at just mentioned level and it is currently increasing.

Buyers’ price pressure may eventually cause it to surpass the $6.2 threshold. Uniswap is also trading above the 9- and 21-period exponential moving averages as it approaching the $6.2 resistance level. A buy is indicated by the 14-period relative strength index being at 55 levels.

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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.

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