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UNI/USD has fallen from its peak price of $44.86 to a low of $39. The altcoin fell and retested the $39 support twice before resuming upward. The candlestick long tail indicates that there is strong buying pressure above the $38 support.
Uniswap price is now in a downward correction as it fluctuates between levels $39 and $41. The altcoin has retested the range-bound levels before settling in the middle of the range.
Nonetheless, buyers may want to push UNI upward. If buyers break the minor resistance at $41, the altcoin will rise and retest or break the $44.86 overhead resistance. Nevertheless, if the bullish momentum breaches the overhead resistance, the rally will extend to the high of $51. Meanwhile, UNI is retracing to the support of the 21-day SMA. The upward move will resume if the 21-day support holds. Otherwise, the downward move will continue.
Uniswap indicator reading
The altcoin’s price is above the 21-day SMA and 50-day SMA which indicates a possible rise in price. UNI is below 80% range of the daily stochastic. This implies that the coin has bearish momentum. The 21-day SMA and 50-day SMA are pointing northward indicating the uptrend.
Technical indicators:
Major Resistance Levels – $55.00 and $57.00
Major Support Levels – $22.00 and $20.00
What is the next direction for Uniswap?
Uniswap (UNI) is likely to resume an upward move after the recent downward move. The price indicator has indicated a marginal upward move and a possible reversal. Meanwhile, on May 2 uptrend, a retraced candle body tested the 78.6% retracement level. The retracement indicates that the altcoin will rise to level 1.272 Fibonacci extension and reverse. However, the reversal will not be immediate.
Disclaimer. This analysis and forecast are the personal opinions of the author that 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.