Uniswap (UNIUSD) Price: Will There Be a Further Price Declination?

Uniswap (UNIUSD) Price: Will There Be a Further Price Declination?

Uniswap Price Analysis – February 25

In case the bears were able to push the price down below the $23 price level, and the daily candle closes below the support level, then, the support level at $19 and $13 may be reached. Failure to break down the support level at $23, the price may continue its bullish trend towards the resistance level at $25, $29, and $31.

UNI/USD Market
Key Levels:

Resistance levels: $25, $29, $31
Support levels: $23, $19, $13

UNI/USD Long-term Trend: Bearish

On the long-term outlook, Uniswap is bearish. After the coin’s breakout of the consolidation mode that took place on January 13. The bulls’ pressure has made the coin rise up to the resistance levels of $31 after it penetrates $25 and $29 levels. The bullish momentum became weak at the resistance level of $31. The price action formed an evening star at the mentioned resistance level. The bears gained more pressure to push down the price towards the $23 support level.

Uniswap daily chart, February 25

Today, the bears open the Uniswap market, this is seen with the formation of the daily bearish candle. Although the price is trading above the 9 periods EMA and 21 periods EMA which indicate buy signal. Moreover, the Relative Strength Index is bending down at 50 levels connotes a decrease in Uniswap price. In case the bears were able to push the price down below the $23 price level, and the daily candle closes below the support level, then, the support level at $19 and $13 may be reached. Failure to break down the support level at $23, the price may continue its bullish trend towards the resistance level at $25, $29, and $31.

UNI/USD Medium-term Trend: Bullish

The coin is on the bullish movement. The bullish momentum placed the price at the resistance level of $31 on February 21. The sellers defended the resistance level at $31 and the price dropped to the previous low at $19 on February 23. The bearish power failed and the bullish trend was restored.

UNIUSD 4 higher chart, February 25

 

However, the relative strength index period 14 is pointing down at 50 levels indicates a sell signal.

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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.