Uniswap in an Upward Correction, Battles Resistance at $27
Oct 16, 2021 at 09:39 //
NewsThe price of Uniswap (UNI) has risen above its moving averages, reaching a high of $27. Today, the cryptocurrency is trading at $25.99, having retraced from its recent high.
The cryptocurrency is still trading in the bullish trend zone, indicating a possible rise in the cryptocurrency. Buyers tried to push the altcoin above the $27 resistance but were rejected twice.
This has forced UNI/USD to move sideways since October 2. UNI will rally to a high of $31 if buyers break through the $27 resistance. Currently, the altcoin is trading marginally above the $25 price level. Small body candlesticks have emerged. These candlesticks describe the indecision between buyers and sellers. The upward correction between $22 and $27 will continue if buyers fail to hold above the $27 high.
Uniswap indicator reading
UNI has risen to 55 on the Relative Strength Index for period 14. It indicates that the cryptocurrency is in an uptrend and is able to go up. In other words, the cryptocurrency will continue to rise as long as the price bars are above the moving averages. The moving averages are sloping horizontally, which indicates a sideways movement. UNI is below the 80% area of the daily stochastics. The market is currently in a downtrend.
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?
UNI/USD has been in a trading range for the past two weeks. On October 2, buyers were unable to keep the altcoin above the resistance level. The cryptocurrency was forced to move sideways below the resistance level. UNI will resume the uptrend if buyers break through the $27 resistance 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 Coin Idol. Readers should do their own research before investing funds.
OhNoCryptocurrency via https://www.ohnocrypto.com/ @coinidol.com By Coin Idol, @Khareem Sudlow