The price of Uniswap (UNI) has resumed its sideways movement after failing to break the $6 resistance zone. The cryptocurrency has pulled back above the 21-day line SMA, but below the 50-day line SMA.
Uniswap price long-term forecast: bearish
The altcoin will continue its fluctuations between the moving averages until the trend resumes. For example, if the 21-day line SMA holds, the altcoin will rise and retest the $6,000 resistance area. A break above the resistance zone will catapult UNI to the $8 high. Conversely, if the altcoin retraces and drops below the 21-day SMA line, it will fall back to the previous low of $3.60. At the time of writing, UNI /USD is trading at $4.88.
Uniswap indicator display
UNI is at level 48 of the Relative Strength Index for period 14, indicating that the altcoin is in the downtrend zone after the recent retracement. The price of the cryptocurrency is between the moving averages, indicating a possible movement of the cryptocurrency within the range. The altcoin is below the 80% area of the daily stochastic. This indicates that the cryptocurrency is in a bearish momentum, but it has subsided.
Technical Indicators:
Key resistance levels – $18.00 and $20.00
Key support levels – $10.00 and $8.00
What is the next direction for Uniswap?
UNI has pulled back above the 21-day line SMA. The cryptocurrency is trying to resume an upward movement above the blue line (21-day line SMA). There is a probability of further upward movement of the cryptocurrency. Meanwhile, the uptrend from June 26 has a candle body testing the 50% Fibonacci retracement level. The retracement suggests that UNI will rise to the level of the 2.0 Fibonacci extension or the level of $8.76.
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/uniswap-continues-upward-movement/