Bears are trying to penetrate $6.0 support level in Uniswap market
Uniswap Price Analysis – September 04
Ability to break down $6.0 price level by the sellers, Uniswap price may decrease 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 $7.9, $9.7 and $12.4 levels.
Resistance levels: $7.9, $9.7, $12.4
Support levels: $6.0 $4.5, $3.4
UNI/USD Long-term Trend: Bearish
On the long-term outlook, Uniswap is bearish. Bearish momentum continues in the Uniswap market. The support level of $7.9 could not hold the price, it is penetrated and dropped to the support level of $6.0. 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 $6.0 but Bulls are resisting the sellers’ pressure.
Uniswap continue its trading between 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 $6.0 price level by the sellers, Uniswap price may decrease 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 $7.9, $9.7 and $12.4 levels. However, the Relative Strength Index is bending down at 35 levels which indicate a sell signal.
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UNI/USD Medium-term Trend: Bearish, Tamadoge Explodes Skywards
On the 4-hour chart, Uniswap is bearish. The bears gain momentum at the resistance level of $9.7 and the bearish movement continues. 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 $6.0.
Uniswap is trading around the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 57 levels bending up to indicate buy signal.
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