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The bulls are taken over Uniswap market
Uniswap Price Analysis – October 27
Further increase in the bulls’ momentum may break up the resistance level of $7.2, this may increase the Uniswap to $7.9 and $8.9 resistance levels. Failure from the bulls to break up the resistance level of $7.2, may decrease price to $6.7, $5.7 and $5.1 price levels.
UNI/USD Market
Key Levels:
Resistance levels: $7.2, $7.9, $8.9
Support levels: $6.7, $5.7, $5.1
UNI/USD Long-term Trend: Bullish
Uniswap is bullish on the long-term outlook. UNISWAP price was rejected at the support level of $5.1 on 21 September. A candle pattern called bullish engulfing emerged at the same level just mentioned, which act as a signal to the traders that bulls are ready to push up the price. The price increases and tested the resistance level of $6.7. It penetrates the mentioned level and increasing slowly towards the resistance level of $7.2.
Uniswap has crossed the two EMAs upside trading above the two dynamic resistance level is an indication of bullish momentum. The fast moving average (9 periods EMA) is crossing the slow moving average (21 periods EMA) upside. Further increase in the bulls’ momentum may break up the resistance level of $7.2, this may increase the price to $7.9 and $8.9 resistance levels. Failure from the bulls to break up the resistance level of $7.2, may decrease price to $6.7, $5.7 and $5.1 price levels. The Relative Strength Index is bending up at 62 levels indicating a strong bullish momentum.
UNI/USD Medium-term Trend: Bullish
On the 4-hour chart, Uniswap is bullish. A pin bar candle pattern formed at $5.1 support level on 13, October is an indication that bulls are gathering momentum to increase the price. The bullish momentum is pushing the price towards the resistance level of $7.2. There is probability that the price may break up resistance level of $7.2.
Uniswap is trading above the 9 periods EMA and 21 periods EMA, the relative strength index period 14 is at 62 levels bending up to indicate buy signal.
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