Uniswap Rebounds above $13.80 Battles the Next Resistance at $15.60
The price of Uniswap (UNI) is in a downtrend. Yesterday, the cryptocurrency fell to the low of $13.80 and recovered from the current support. Buyers pushed the altcoin to the high of $15.60, but received resistance.
The current support at $13.80 has been the point of trend reversal since May. There is a tendency for the downtrend to ease as UNI holds above the current support. However, buyers have yet to break the recent high after the second retest. If buyers break above initial resistance, momentum should extend above the high at $23. A break above the high at $23 would signal the resumption of the uptrend. On the other hand, if the altcoin is rejected at the recent high, the market will retrace to the current support.
Uniswap indicator reading
The Relative Strength Index for period 14 has remained at 39 as the crypto continues its fluctuation. It suggests that UNI is in the downtrend zone and could fall downwards. UNI/USD is above the 25% area of the daily stochastic. The market was in a bullish momentum but the price fluctuation has made the momentum disorderly.
Major Resistance Levels – $55.00 and $57.00
Major Support Levels – $30.00 and $28.00
What is the next direction for Uniswap?
UNI/USD continues to be in a downtrend. The cryptocurrency is moving above $13 support. UNI could fall if it loses the current support. Meanwhile, on September 7, the downtrend has seen a retreating candlestick testing the 50% Fibonacci retracement level. The retracement suggests that UNI will fall to the 2.0 Fibonacci extension level or $10.41.
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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