Uniswap (UNIUSD): Will There Be a Further Decrease Below $6 Support level?

Uniswap Price Analysis – March 10

When the bears’ pressure increase further to break down the support level of $6, the price may decrease to the support level at $4 and $3 levels. In case the bulls defend the support level of $6, Uniswap price may increase to $9, $13 and $19 price levels.

UNI/USD Market

Key Levels:

Resistance levels: $9, $13, $19

Support levels: $6, $4 $3

UNI/USD Long-term Trend: Bearish

Uniswap is bearish on the long-term outlook. The bullish movement triggered on January 16 with the formation of bullish engulfing candle could not continue. The bullish momentum became weak when it encounter a confluence at $19 resistance level. Uniswap price decreases towards the support level of $6 which indicate that the bears are fully in control of Uniswap market.

Uniswap has crossed the two EMAs downside and it is trading below the 9 periods EMA which indicates an increase in the bears’ momentum. The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). When the bears’ pressure increase further to break down the support level of $6, the price may decrease to the support level at $4 and $3 levels. In case the bulls defend the support level of $6, Uniswap price may increase to $9, $13 and $19 price levels. The Relative Strength Index is bending up at 43 levels which indicate a buy signal.

UNI/USD Medium-term Trend: Bearish

On the 4-hour chart, Uniswap is bearish. The bearish movement continues as the bulls lose momentum at the resistance level of $9. A Marubozu candle pattern formed and Uniswap decreases steadily towards $6 support level. The bears are exerting ore pressure and the price experiencing a bearish trend at the moment.

Uniswap is trading between the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 51 levels bending down to indicate sell signal.

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