The price of Uniswap (UNI) is in an uptrend as it breaks through $7. Once the current resistance is broken, the cryptocurrency is expected to return to its previous high of $9.60.
However, as the market approaches the overbought zone, the current bullish momentum could be temporary. On July 26, the altcoin experienced a similar price movement and bounced twice to reach the overhead barrier at $9.60. The uptrend is broken by the recent high in today’s price action. If UNI falls from the recent high, it will decline and find support above the breakout level of $7.00.
Uniswap indicator reading
The relative strength index of the cryptocurrency for the period 14 is at level 67. The altcoin is in a rally and could gain more. The price bars are above the moving average lines, which indicates that the price will rise even more. The cryptocurrency is above the 80% area of the daily stochastic, which shows why the cryptocurrency’s uptrend has run its course.
Technical indicators:
Major Resistance Levels – $18.00 and $20.00
Major Support Levels – $8.00 and $6.00
What is the next direction for Uniswap?
UNI has moved in the right direction as it has overcome the $7.00 resistance. The price of the cryptocurrency is experiencing a series of higher highs and higher lows. Every time it crosses back above the moving average lines, the uptrend is resumed. On the other hand, when the price falls below the moving average lines, the decline will start again.
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 in funds.
Source: https://coinidol.com/uniswap-resistance-7-00/