Uniswap (UNI) has regained momentum as the altcoin has climbed to a high of $5.79. Since May 12, the cryptocurrency fell to a low of $3.67 and continued a downward correction. On June 19, UNI recovered and broke above the moving averages.
The current uptrend will continue if buyers maintain the bullish momentum above the moving averages. Nonetheless, UNI will rise to $8 if the bulls overcome the initial resistance at $5.78. In the meantime, the cryptocurrency price is moving above the moving averages. On the downside, the bears might break out below the moving averages if the bulls fail to overcome the initial resistance.
Uniswap indicator reading
UNI is at the 58 level of the Relative Strength Index for the 14 period, indicating that the altcoin is now in the uptrend zone and has overcome the downward correction. It is capable of triggering another upward movement of the cryptocurrency. The altcoin is above the 50% area of the daily stochastic. This indicates that the cryptocurrency is in a bullish momentum. The 21-day line and the 50-day line of the SMAs are up, indicating a downtrend.
Technical indicators:
Major Resistance Levels – $18.00 and $20.00
Major Support Levels – $10.00 and $8.00
What is the next direction for Uniswap?
UNI price is in an uptrend. The cryptocurrency encounters resistance when it reaches a high of $5.79. The uptrend has been hindered as the price fluctuates below the recent high. On May 23 and May 31, buyers were rejected as the cryptocurrency fell to previous lows. Today, UNI could decline if the bulls fail to break the recent high.
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-rallies-5-79/