Uniswap Holds Above Support At $8.66 And Attempts Another Rally Above The Recent High

Uniswap (UNI) price has continued its downward correction despite the February 28 price breakout when UNI recovered and reached the high of $10.55. The cryptocurrency price broke the 21-day moving average line, but failed to break the 50-day moving average line. The bears reacted to the recent rally with selling.

Uniswap (UNI) Price Long Term Forecast: Bearish

UNI has fallen back below the moving averages. This is the price action where the bears sell on every rally. Today UNI/USD has fallen to a low of $8.52. This is the low so far ofthe February 21 price drop. The downtrend will continue if the price falls below the current support. The altcoin will fall to another low of $7.54. On the upside, a strong rise above the current supportUNI will cause it to breakout above the moving averages. 

Uniswap (UNI) indicator reading

UNI is at level 39 of the Relative Strength Index for the period 14. The altcoin is in the downtrend zone and below the midline 50. The cryptocurrency can continue to fall. UNI is below the moving averages, indicating a possible decline. UNI /USD is below the 50% area of the daily stochastic. This indicates that the market is in a bearish momentum.

Technical Indicators: 

Key resistance levels – $55.00 and $57.00

Key support levels – $30.00 and $28.00

What is the next direction for Uniswap (UNI)?

UNI/USD is in a downtrend, but the cryptocurrency has overcome the current downtrend. However, the bulls have not yet risen above the moving averages. Meanwhile, the downtrend from January 24 has shown a candle body testing the 78.6% Fibonacci retracement level. The retracement suggests that UNI will fall but reverse at the 1.272 Fibonacci extension level or $7.57. UNI retested the 1.272 Fibonacci extension and reversed.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by Coin Idol. Readers should do their own research before investing funds.