Bears are trying to penetrate $5.7 support level in Uniswap market
Uniswap Price Analysis – September 17
Ability to break down $5.7 price level by the sellers, may decrease UNI to $4.5, and $3.4 price levels. In case the buyers were able to oppose the pressure of the sellers, Uniswap may increase to the resistance level at $6.7, $7.2 and $7.9 levels.
Resistance levels: $6.7, $7.2, $7.9
Support levels: $5.7, $4.5, $3.4
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the long-term outlook. Bearish momentum continues in the Uniswap market. The support level of $7.2 could not hold the price, it is penetrated and dropped to the support level of $5.7. The price is trying to break down the just mentioned level at the moment. The bears’ pressure is trying to push the price below the support level of $5.7 but Bulls are resisting the sellers’ pressure, thus ranging movement is ongoing.
Uniswap continue its trading below the 9 periods EMA and 21 periods EMA which indicates a decrease in bearish momentum. The fast moving average (9 periods EMA) is below the slow moving average (21 periods EMA). Ability to break down $5.7 price level by the sellers, may decrease UNI to $4.5, and $3.4 price levels. In case the buyers were able to oppose the pressure of the sellers, the price may increase to the resistance level at $6.7, $7.2 and $7.9 levels. However, the Relative Strength Index is bending down at 42 levels which indicate a sell signal.
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UNI/USD Medium-term Trend: Bearish, Tamadoge Presale Hits $16 Million
On the 4-hour chart, Uniswap is bearish. Sellers gained more strength at the resistance level of $9.7 and the price decreases. At the same time, the bears’ momentum increases and bulls are opposing the bearish movement, thus ranging movement commences. Sellers are making an attempt to break down the support level of $5.7. Likewise, buyers are struggling to push price above $6.7.
Uniswap is trading below the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 45 levels bending up to indicate buy signal.
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