Uniswap Price Analysis – June 02
Ability to break up $7.6 price level by the bulls may increase the coin to $9.7, and $12.4 price levels. In case the bears were able to defend $7.6 resistance level, price may break down the support level of $3.9, and it will decline towards $2.7 and $2.1 levels.
UNI/USD Market
Key Levels:
Resistance levels: $7.6, $9.7, $12.4
Support levels: $3.9 $2.7, $2.1
UNI/USD Long-term Trend: Ranging
Uniswap is on ranging movement on the long-term outlook. The pin bar candle pattern formed at the support level of $3.9 indicate an increase in the bulls’ momentum. The bulls lose momentum and was unable to break up the dynamic resistance level. Bears were unable to penetrate the support level of $3.9. Ranging movement is ongoing in the Uniswap market at the moment.
Uniswap is trading around the 9 periods EMA and 21 periods EMA which indicates low momentum of both buyers and the sellers. The fast moving average (9 periods EMA) is interlocked to the slow moving average (21 periods EMA). Ability to break up $7.6 price level by the bulls may increase the coin to $9.7, and $12.4 price levels. In case the bears were able to defend $7.6 resistance level, price may break down the support level of $3.9, and it will decline towards $2.7 and $2.1 levels. However, the Relative Strength Index is bending down at 42 levels which indicate a sell signal.
UNI/USD Medium-term Trend: Ranging
Uniswap is ranging on the 4-hour chart. Bears are yet to gain enough pressure to break down the support level of $3.9. The mentioned level was tested on 12 May with the aid of bears’ pressure. A pin bar candle formed which indicate that Bulls are defending the just mentioned level. Bulls gain momentum, price increases. The bulls’ and the bears’ pressure failed and the price is currently ranging within support level $3.9 and resistance level of $7.6.
Uniswap is hovering over the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 41 levels bending down to indicate sell signal.
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