Uniswap Is in a Tight Range, Faces Strong Rejection at $26 Resistance
Nov 06, 2021 at 11:50 //
NewsThe price of Uniswap (UNI) has continued its sideways movement as the cryptocurrency trades in a tighter range. UNI is struggling to trade between $25.20 and $26 price levels.
Today, buyers are trying to push the altcoin above the $26 high. This price action will take the altcoin into the bullish trend zone. Subsequently, UNI/USD will rise to retest the upper resistance at $27.50. Since October 3, buyers have failed to keep the price above the $27.50 high. A break above the overhead resistance will prompt the altcoin to retest its previous high of $31. A failure by the bulls will cause the market to fall back to the previous border areas between $23 and 26.
Uniswap indicator reading
Altcoin is at level 50 on the Relative Strength Index for period 14, indicating that there is a balance between supply and demand. The price of the altcoin is currently below the 21-day line and the 50-day moving averages line, indicating a possible decline. The cryptocurrency is below the 50% area of the daily stochastics. Bullish momentum has fizzled out as stochastic bands continue to fluctuate.
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?
On the 1-hour chart, UNI/USD is not yet trending as it is consolidating in a narrow range. The uptrend will continue if the price breaks above the moving averages and breaks the resistance at $26. However, the upside move could fail if the small body candlesticks dominate the price action.
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
