Uniswap Revisits the Overhead Resistance as It Targets the $13.19 High
Uniswap (UNI) is in an uptrend, continuing its higher highs and higher lows. On July 28, the cryptocurrency rallied to a high of $9.84, but was pushed back. Last week, the uptrend stalled below the $10 resistance zone.
Further upside is possible if the current resistance is broken. It is expected that UNI will reach the target price at $15 if the current resistance is broken.
However, the cryptocurrency is approaching the overbought region of the market. Sellers will emerge in the overbought region. Therefore, further upside is unlikely as the market reaches the overbought region. UNI will fall above the moving average lines when it turns away from the overriding resistance. In the meantime, the price is rising as it has reached the high of $9.04.
Uniswap indicator analysis
Uniswap is at the 65 level of the Relative Strength Index for the 14 period. The altcoin is trading in the bullish trend zone despite the retracement. The uptrend continues as long as the price bars stay above the moving average lines. When the price falls below the moving average lines or the uptrend line, the uptrend is considered to be over. The altcoin is above the 80% area of the daily stochastic. It has reached a bullish exhaustion. The 21-day line SMA and the 50-day line SMA are up, indicating an uptrend.
Key Resistance Zones: $12.00, $14.00, $16.00
Key Support Zones: $10.00, $8.00, $6.00
What is the next direction for Uniswap?
UNI/USD is approaching the overbought area of the market. The uptrend will continue if the price overcomes the resistance at $10. Meanwhile, on July 28, the uptrend has seen a retreating candlestick testing the 50% Fibonacci retracement level. The retracement suggests that UNI will rise to the 2.0 level of the Fibonacci extension or to the $13.19 level.
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 CoinIdol. Readers should do their research before investing funds.
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