Uniswap Holds above $3.00 as the Crypto Reaches Bearish Exhaustion
The price of Uniswap (UNI) fell to its previous low of $3.57 on June 13. The bulls have consistently defended the previous low over the past month. The previous low of May 12 at $3.57 has held for the past month. The bears tried to undercut that level while the bulls bought the dips.
Consequently, UNI was forced to fluctuate above current support. Last week, UNI/USD moved between $3.45 and $4.40. The cryptocurrency will recover above the 21-day line SMA if the initial resistance at $4.40 is broken. The bullish momentum will extend above the 50-day line SMA of $5.50. If the bears break the current support, the bulls will buy the dips to recover from the decline. Also, UNI has fallen into oversold territory in the market.
Uniswap indicator reading
UNI is at the 39 level of the Relative Strength Index for the period 14. The altcoin is trading in the downtrend zone. The price would fall in the downtrend zone, but UNI is approaching the oversold area. The altcoin is below the 20% area of the daily stochastic. The daily stochastic has indicated an oversold condition. The oversold area would attract buyers.
The 21-day line and the 50-day line SMAs are sloping south, indicating a downtrend.
Major Resistance Levels - $18.00 and $20.00
Major Support Levels - $10.00 and $8.00
What is the next direction for Uniswap?
UNI price has fallen to the previous level of $3.57. The bears are eager to push the cryptocurrency down. Meanwhile, on May 12 downtrend, a retraced candle body tested the 78.6% Fibonacci retracement level. The retracement suggests that UNI will fall to the level of the 1.272 Fibonacci extension, or $3.19.
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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