Uniswap (UNI) is in an uptrend as the price has risen above the moving average lines. The cryptocurrency is making a huge push towards the previous highs as the bulls break through the resistance at $5.70.
The cryptocurrency is likely to continue to rise to the previous highs. Resistance at $5.70 has held since May 23 before the price recently rebounded. The current uptrend may fail at the recent high as UNI is trading in the overbought zone of the market. Meanwhile, UNI/USD is trading at $6.18 at the time of writing.
Uniswap indicator reading
UNI is at level 65 of the Relative Strength Index for the period 14. The cryptocurrency is in the bullish trend zone and is capable of further upward movement. The price of the cryptocurrency is above the moving averages, indicating a possible upward movement of the cryptocurrency. The altcoin is above the 80% area of the daily stochastic. This indicates that the market has reached the overbought zone. UNI is likely to fall back to the previous low.
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 resumed its uptrend, but the cryptocurrency is trading in the overbought zone of the market. Further upside is likely if the initial resistance is broken. Meanwhile, the July 8 uptrend has retraced a candlestick that tested the 38.2% Fibonacci retracement level. The retracement suggests that UNI will rise to the level of the 2.618 Fibonacci extension or to the level of $7.11.
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-5-70-resistance/