Uniswap faces a difficult task, fights resistance at $20

Today, the cryptocurrency is below the moving averages, but is trading at $16.10 at the time of writing.

Uniswap (UNI) price long-term forecast: bearish

Uniswap (UNI) price is still in a downward correction despite the false bullish move above the moving averages. UNI The price has broken the downtrend line but has come back to retest it. This is a sign that the downtrend has ended. 

On December 27, the bulls broke through the moving average but failed to keep the price above the $20 high. Buyers made two unsuccessful attempts before the altcoin fell to a low of $16. If the bulls overcome the resistance at $20, UNI/USD will rise to the high at $26. At the high of $26, Uniswap will face another rejection. In the meantime, further downside is unlikely.

Uniswap (UNI) indicator display

Uniswap is at level 43 on the Relative Strength Index for period 14. This is due to the rejection of the high at $20. UNI is in the downtrend zone and below the midline 50. The cryptocurrency price is below the moving averages, which indicates further selling pressure. The cryptocurrency has fallen below the 20% area of the daily stochastic. UNI has reached the oversold area of the market. Selling pressure will end as soon as buyers show up.

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 has reached bearish exhaustion. Buyers are trying to push the altcoin to the previous high. The cryptocurrency will rise if the buyers overcome the high at $20. Meanwhile, the uptrend from December 27; a retracement candlestick has tested the 50%Fibonacci retracement level. The retracement suggests that UNI will rise to the 2.0 Fibonacci Extension level or $24.01.

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.