Uniswap (UNIUSD) Price Is Retesting $28 Resistance Level

Uniswap (UNIUSD) Price Is Retesting $28 Resistance Level

Uniswapr Price Analysis – March 04

In case the bulls were able to push up the price above $28 price level, and the daily candle close above the resistance level, then, the resistance level at $32 and $40 may be reached. Failure to break up the resistance level at $28, the bears may reverse the trend towards the support level at $25, $23 and $19.

UNI/USD Market
Key Levels:

Resistance levels: $28, $32, $40

Support levels: $25, $23, $19

UNI/USD Long-term Trend: Bullish

Uniswap is bullish on the long-term outlook. Last two weeks was bearish; this started when the bulls’ momentum increased and the coin found resistance at $28 price level. An evening doji candle formed at the mentioned level. The price falls to $21 support level where three days consolidation was carried out. On March 01, the bullish engulfing candle formed which connote an increase in the bulls’ pressure. The price increases and it is currently testing the previous high at $28.

UNIUSD daily chart, March 04

The 9 periods EMA remains above the 21 periods EMA and the coin is trading above the two EMAs which indicate that the bulls are dominating the market. In case the bulls were able to push up the price above $28 price level, and the daily candle close above the resistance level, then, the resistance level at $32 and $40 may be reached. Failure to break up the resistance level at $28, the bears may reverse the trend towards the support level at $25, $23 and $19. Moreover, the Relative Strength Index is bending up at 70 levels connotes an increase in Uniswap price.

UNI/USD Medium-term Trend: Bullish

The coin is on the bullish movement. Uniswap decline immediately after the bullish momentum placed the price at the resistance level of $32. The resistance level at $32 hold the price and this caused the falling of the price to support level at $21. The bearish power failed and the bullish trend restored. At the moment, the price is heading towards $32 price level provided $28 level does not hold.

UNIUSD 4-hour chart, March 04

However, the relative strength index period 14 is pointing up at 70 levels indicates a buy 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.