Uniswap (UNIUSD) Price: Will There Be a Price Breakout at $6.7 Level?

The bulls may take over the Uniswap market soon

Uniswap Price Analysis – 15 December

Further increase in the sellers’ momentum may break down the support level of $5.7, this may decrease Uniswap to $5.1 and $4.5 support levels. The inability to break down the support level of $5.7, may increase price to $6.7, $7.2 and $7.9 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $6.7, $7.2, $7.9

Support levels: $5.7, $5.1, $4.5

UNI/USD Long-term Trend: Ranging

Uniswap is ranging on the long-term outlook. Two weeks ago, Uniswap price could not break down the support level of $5.1. A bullish engulfing candle pattern formed at the mentioned level. The price increases and break up the resistance level of $5.7. It was aiming at the resistance level of $6.7. The buyers lose momentum and the price pulls back and retested the dynamic support level. The sellers’ pressure is not enough to push down the price below the $5.7 level. At the moment, the price is consolidating around the dynamic support levels.

Uniswap is crossing the two EMAs downside, trading below the two dynamic support levels which is an indication of bearish momentum. The fast-moving average (9-periods EMA) is crossing the slow-moving average (21-periods EMA) downside. Further increase in the sellers’ momentum may break down the support level of $5.7, this may decrease the price to $5.1 and $4.5 support levels. The inability to break down the support level of $5.7, may increase price to $6.7, $7.2, and $7.9 price levels. The Relative Strength Index is bending down at 47 levels indicating bearish momentum.

UNI/USD Medium-term Trend: Ranging

On the 4-hour chart, Uniswap is ranging. Crypto was on a bullish movement in the last two weeks. The resistance level of $6.7 was tested. The buyers were unable to break up the just-mentioned level. The pressure of the sellers is equally low. The price started a ranging movement within the resistance level of $6.7 and the support level of $5.7.

Uniswap is hovering around the 9-periods EMA and 21-periods EMA, and the Relative Strength Index period 14 is at 40 levels bending down to indicate a sell signal.