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Bears are trying to penetrate the $5.1 support level
Uniswap Price Analysis – November 21
The breakdown of the $5.1 support level by the sellers’ pressure, may decrease UNI to $4.5, and $3.4 price levels. Should buyers be able to interrupt the sellers at the $5.1 level, the price may increase to the resistance level at $5.7, $6.7, and $7.2 levels.
UNI/USD Market
Key Levels:
Resistance levels: $5.7, $6.7, $7.2
Support levels: $5.1, $4.5, $3.4
UNI/USD Long-term Trend: Bearish
Uniswap is bearish on the long-term outlook. The crypto reached the resistance level of $7.9 on November 05 which is the target of the “W” chart pattern formed three weeks ago. Sellers could not allow the price to increase above that targeted resistance level. A strong bearish daily candle emerged which decreases the price toward the support level of $4.5. The just-mentioned level was tested and the price bounced up as a retracement for the trending market. At the moment, bearish momentum is restored.
Bearish momentum is established as Uniswap is trading below the 9 periods EMA and 21 periods EMA. The fast-moving average (9-periods EMA) is below the slow moving average (21-periods EMA). The breakdown of the $5.1 support level by the sellers’ pressure, may decrease UNI to $4.5, and $3.4 price levels. Should buyers be able to interrupt the sellers at the $5.1 level, the price may increase to the resistance level at $5.7, $6.7, and $7.2 levels. Meanwhile, the Relative Strength Index is bending down at 39 levels which indicates a sell signal.
UNI/USD Medium-term Trend: Bearish
Uniswap is bearish on the 4-hour chart. Sellers gained more strength at the resistance level of $7.9 and the price decreased. At the same time, the bears’ momentum increased, $6.7 and $5.7 levels were a broken downside. Sellers are making an attempt to break down the support level of $5.1.
Uniswap is trading below the 9-periods EMA and 21-periods EMA, the relative strength index period 14 is at 28 levels bending down to indicate a sell signal. While Uniswap is trending lower Dash 2 Trade is trending higher.
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