The price of Uniswap (UNI) is in a downward correction as the cryptocurrency has fallen to the low of $8.91.
Uniswap (UNI) Price Long Term Forecast: Bearish
Since April 11, selling pressure has eased as the altcoin has made an upward correction. The upside correction is in danger of being rejected at a high of $9.94 or the 50-day line SMA.
On the upside, UNI will rise and regain the high of $12 if the price rises above the moving averages. On the downside, UNI/USD will continue to fall if the cryptocurrency fails at the recent high. However, if the current support holds, the altcoin will be forced to move within a certain range. The market will move between $8 and $12.
Uniswap (UNI) Indicator Reading
UNI is at level 46 of the Relative Strength Index for period 14. The cryptocurrency is trading in the downtrend zone and tends to fall downwards. The cryptocurrency price is below the moving averages, indicating further downward movement of the altcoin. UNI is above the 70% area of the daily stochastic. The market is in a bullish 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 is in an upward correction. The uptrend is encountering resistance at the $9.94 high. The altcoin is moving below this resistance. The uptrend will resume when the current resistance is broken. Meanwhile, the uptrend from April 15 has shown a candle body testing the 38.2% Fibonacci retracement level. The retracement suggests that UNI will rise to the 2.618 Fibonacci Extension level or $10.69.
Disclaimer. This analysis and forecast are the personal opinions of the author and 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.
Source: https://coinidol.com/uni-downward-correction-retest/