Uniswap Makes Positive Moves but Lacks Buyers at Higher Price Levels

The price of Uniswap (UNI) has moved positively in the lower part of the chart.

Since the price collapse on January 8, the cryptocurrency has made a steady rise to the upside. The altcoin has risen above the $15 support and reached the recent high. However, at the high of $16, buyers are struggling to break through.

Since January 10, the altcoin has been rejected at the recent high after four retries. If buyers break through the initial resistance and moving averages, UNI will move higher and retest the $20 resistance. A break above the $20 high will catapult the altcoin to the previous high of $26. However, if the bullish scenario is invalidated, UNI/USD will be forced to move between the $14.50 and $16 price levels. 

Uniswap indicator reading

The Uniswap indicator is located at the level 47 of the Relative Strength Index for the period 14. The current bullish momentum has brought the altcoin near the centre line 50. The cryptocurrency’s price is still below the moving averages, which indicates further selling pressure. Uniswap is above the 25% area of the daily stochastic. The market has resumed its bullish momentum.

Technical Indicators:  

Major Resistance Levels – $55.00 and $57.00

Major Support Levels – $30.00 and $28.00

What is the next direction for Uniswap?

The cryptocurrency is taking a new uptrend after the failed uptrend from December 27. The uptrend from December 27 was broken at a high of $20. Since then, the cryptocurrency price has made a series of lower highs and lower lows. According to the Fibonacci tool, UNI/USD could have risen to $25.96 if the bulls overcome the resistance at $20.

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.

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